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Reading: EUR/GBP remains near 0.8350 despite drop in UK GDP figures
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Gulf Press > Business > Forex > EUR/GBP remains near 0.8350 despite drop in UK GDP figures
Forex

EUR/GBP remains near 0.8350 despite drop in UK GDP figures

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Last updated: 2024/09/30 at 6:25 AM
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The EUR/GBP currency pair experienced a decline due to the rising prospects of the European Central Bank (ECB) cutting interest rates in October. This move has put pressure on the currency cross, which was trading around 0.8340 during the Asian trading hours on Monday. The release of UK Gross Domestic Product (GDP) data for the second quarter also played a role in the depreciation of the EUR/GBP pair.

The UK GDP expanded by 0.5% quarter-over-quarter in Q2, slightly lower than the expected and previous growth of 0.6%. On an annual basis, GDP rose by 0.7%, falling short of the forecasted rate of 0.9%. This data, combined with the possibility of a slower approach to interest rate cuts by the Bank of England (BoE), has supported the Pound Sterling, allowing it to remain relatively stable in the face of economic uncertainties.

Investors in the forex market are closely monitoring economic releases from Germany, including preliminary Consumer Price Index (CPI) data for September, which could impact the future direction of the EUR/GBP pair. The recent lower-than-expected inflation figures from France and Spain have further strengthened the case for another interest rate cut by the ECB. France’s inflation growth of 1.5% year-over-year in September was below expectations, while Spain saw a decline in its Harmonized Index of Consumer Prices (HICP) from August to September.

The ECB had resumed cutting rates in September after keeping them steady in July, indicating an ongoing policy-easing cycle to combat economic challenges. The market sentiment towards the euro has been influenced by these developments, leading to a weakening of the EUR/GBP pair. Traders are now waiting to see how the central banks and governments will respond to the current economic conditions and whether further stimulus measures will be implemented to support growth.Overall, the EUR/GBP pair is facing downward pressure due to the uncertainties surrounding interest rates and inflation in the Eurozone and the UK. The outcome of the upcoming economic data releases and central bank decisions will play a crucial role in determining the future trajectory of the currency cross. Investors will need to closely monitor these developments to make informed trading decisions in the forex market.

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News Room September 30, 2024
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