The EUR/GBP pair climbs to near 0.8260 in Thursday’s North American session.
EUR/GBP gains sharply to near 0.8260 after the BoE holds interest rates steady at 4.75%, as expected, with a 6-3 vote split. BoE Bailey refrained from committing a pre-defined rate cut path. The Euro performs strongly despite ECB officials guiding more interest rate cuts. The cross gains after the Bank of England’s monetary policy announcement in which it leaves interest rates unchanged at 4.75%. The BoE was already expected to hold its key borrowing rates steady.
BoE Governor Andrew Bailey refrained from guiding the likely interest rate cuts next year. “Due to heightened uncertainty in the economy, we can't commit to when or by how much we will cut rates in 2025,” he said. Going forward, investors will focus on the UK Retail Sales data for November, which will be released on Friday. On a monthly basis, UK Retail Sales are estimated to have grown by 0.5% after a 0.7% decline in October.
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