The EUR/GBP cross remains on the defensive near 0.8245 during the early European trading hours on Wednesday.
EUR/GBP trades softer to around 0.8245 in Wednesday’s early European session. Hopes of further ECB monetary easing on Thursday weigh on the Euro. The BoE is expected to keep the rate on hold next week as policymakers signaled they will cut only gradually. The growing speculation that the European Central Bank will cut another interest rate at the December meeting continues to undermine the Euro against the Pound Sterling .
Signalling from the BoE about gradual rate reductions has been very strong of late, suggesting very low odds of a cut next week, said JP Morgan economist Allan Monks. Traders are currently betting on the BoE cutting interest rates only three times between now and the end of 2025, lowering the Bank Rate by a total of 75 bps.
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