By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: EUR/GBP remains near 0.8350 despite drop in UK GDP figures
Share
Notification Show More
Latest News
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
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

News Room
Last updated: 2024/09/30 at 6:25 AM
News Room
Share
3 Min Read
SHARE

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.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 30, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Matrixport Expands Its Presence in Switzerland Through Acquisition of Crypto Manager
Next Article BTS member Suga fined $11,500 for driving under the influence of alcohol
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?