The EUR/GBP cross strengthens to near 0.8320 during the early European trading hours on Monday.
EUR/GBP drifts higher to around 0.8320 in Monday’s early European session. The weaker-than-expected Eurozone PMI triggers ECB rate-cut bets. The downbeatUK Retail Sales and flash PMI weigh on the GBP, but the cautious stance from the BoE might cap its downside. The upside of the shared currency might be limited amid rising speculation the European Central Bank will implement aggressive interest rate cuts to prop up the faltering regional economy.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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