The EUR/GBP cross trades with mild losses near 0.8475 on Friday during the early European session.
EUR/GBP trades with a mild bearish bias around 0.8475 in Friday’s early European session. Labour Party has won 337 seats in the parliamentary election, implying it now holds a majority in the House of Commons. Germany’s industrial sector contraction deepened in May. The Pound Sterling edges higher as the UK’s Labour Partyled by Keir Starmer appears to be headed for a huge majority in the 2024 UK election, Reuters reported on Friday.
Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England.
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