The EUR/GBP pair edges lower to near 0.8440 in Wednesday’s North American session.
EUR/GBP edges lower as UK gilt yields cool down after soft inflation data for December. Traders have raised BoE dovish bets on the back of soft inflation data. The ECB is expected to cut interest rates atleast three times this year. Five-day rally in the cross that was built on surging yields on United Kingdom gilts appears to be losing fuel. 30-year UK gilt yields tumble from theirmore-than-26-year high of 5.47% to 5.
Investors expected a sharp rise in the UK government’s borrowing costs would force the administration to cut spending heavily. Meanwhile, the Euro broadly underperforms on Wednesday as European Central Bank officials are comfortable with market expectations for the central bank to deliver atleast three interest rate cuts this year. Trades have priced in a significant number of ECB interest rate cuts as the Eurozone inflation has broadly remained under control.
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