Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com
  • Central Bank
    • BOC
    • BOE
    • BOJ
    • ECB
    • FED
    • PBOC
    • RBA
    • UBS
  • Currency
    • AUD
    • CAD
    • CHF
    • CNY
    • EUR
    • GBP
    • INR
    • JPY
    • RUB
    • SGD
    • USD
  • Foreign Exchange Rate
    • AUD exchange rate
    • CAD exchange rate
    • CHF exchange rate
    • EUR exchange rate
    • GBP exchange rate
    • RMB exchange rate
    • YEN exchange rate
  • Knowledge
  • News
No Result
View All Result
  • Central Bank
    • BOC
    • BOE
    • BOJ
    • ECB
    • FED
    • PBOC
    • RBA
    • UBS
  • Currency
    • AUD
    • CAD
    • CHF
    • CNY
    • EUR
    • GBP
    • INR
    • JPY
    • RUB
    • SGD
    • USD
  • Foreign Exchange Rate
    • AUD exchange rate
    • CAD exchange rate
    • CHF exchange rate
    • EUR exchange rate
    • GBP exchange rate
    • RMB exchange rate
    • YEN exchange rate
  • Knowledge
  • News
No Result
View All Result
Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com
No Result
View All Result
ADVERTISEMENT

EUR/GBP Sees Upsurge Following UK Consumer Inflation Figures

Elena by Elena
20/03/2024
in EUR, News
ADVERTISEMENT

The EUR/GBP cross witnessed an uptick on Wednesday, reaching a fresh daily peak in the range of 0.8555-0.8560 following the release of UK consumer inflation data. However, despite the initial surge, spot prices failed to sustain momentum and remained within a familiar trading band that has persisted since the start of the month.

According to the UK Office for National Statistics (ONS), the headline Consumer Price Index (CPI) showed a 0.6% increase in February, contrasting with the 0.6% decline recorded in the previous month and against consensus estimates. Nevertheless, the yearly inflation rate decelerated more than anticipated, slipping from 4.0% in January to 3.4% in the reported month, marking its lowest level since September 2021.

ADVERTISEMENT

Additionally, the Core CPI registered a decline from a year-on-year rate of 5.1% to 4.5% in February, falling short of expectations. These figures, coupled with the technical recession experienced by the UK in the fourth quarter, heighten expectations for an early interest rate cut by the Bank of England (BoE). Consequently, this undermines the value of the British Pound (GBP) and lends some support to the EUR/GBP cross.

ADVERTISEMENT

However, it’s noteworthy that UK inflation remains well above the BoE’s target of 2.0%, which helps mitigate losses for the GBP. Conversely, the Euro (EUR) remains under pressure amid speculations that the European Central Bank (ECB) may initiate interest rate cuts as early as June, further limiting the upside potential for the EUR/GBP cross.

ADVERTISEMENT

Furthermore, traders appear cautious in making significant directional bets and are opting to wait on the sidelines ahead of the BoE’s policy meeting scheduled for Thursday. Consequently, it would be prudent to await a sustained breakout beyond the short-term trading range before considering positions for a potential extension of the recent rebound from the psychological level of 0.8500.

Tags: befespinflation
Previous Post

Pound Sterling Volatility Escalates Amid Soft Inflation Data and Central Bank Speculation

Next Post

Australian Dollar’s Resilience Amid Market Fluctuations

Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

Related Posts

India: Insurance Backs Traditional Medicine
News

India: Insurance Backs Traditional Medicine

27/05/2025
Gold Price Revives Amid CPI Anticipation
News

Gold Price Revives Amid CPI Anticipation

27/05/2025
Japan’s Kato to Discuss Forex
News

Japan’s Kato to Discuss Forex

27/05/2025
blank
Currency

When Did Thailand Start Using Thai Baht?

27/05/2025
blank
Currency

Is the Dollar Strong in Thailand?

27/05/2025
blank
Currency

What is the Currency Exchange in Thailand: A Full Guide

27/05/2025
blank
Currency

What Is the Official Currency of Thailand: A Quick Guide

27/05/2025
What Is the Conversion Rate from Dollars to Pounds?
Foreign Exchange Rate

What Is the Conversion Rate from Dollars to Pounds?

27/05/2025
How to Exchange RMB for Kyat
Foreign Exchange Rate

How to Exchange RMB for Kyat

27/05/2025
Next Post
Speculation foreign exchange general point difference is a few points? What is the foreign exchange spread?

Australian Dollar's Resilience Amid Market Fluctuations

blank

Japanese Yen Continues Downward Spiral Amidst BoJ-Fed Policy Divergence

blank

Indian Rupee Weakens Near One-Month Low Amid Global Factors

Tags

ALL ARS ats bam Bank of Korea bef bob Central Bank of Canada Central Bank of Russia cop cup dem Digital Currency Digital RMB Dollar Index dop eek energy crisis ern esp etb Fed rate hike financial markets forex trading gel ghs ils IMF inflation inr interest rates irr isk itl kes lak lyd monetary policy mop mro mur myr Raise Interest Rates sek Swiss National Bank

Recent Posts

India: Insurance Backs Traditional Medicine
News

India: Insurance Backs Traditional Medicine

by changzheng50
27/05/2025

India boasts a profound and diverse culture and history of traditional medicine. Ayurveda, homeopathy, yoga, and other alternative therapies have...

UPI Apps in India: Incentives Driving Digital Payments

UPI Apps in India: Incentives Driving Digital Payments

27/05/2025
Gold Price Revives Amid CPI Anticipation

Gold Price Revives Amid CPI Anticipation

27/05/2025
Japan’s Kato to Discuss Forex

Japan’s Kato to Discuss Forex

27/05/2025
blank

When Did Thailand Start Using Thai Baht?

27/05/2025
blank

Is the Dollar Strong in Thailand?

27/05/2025
blank

What is the Currency Exchange in Thailand: A Full Guide

27/05/2025
blank

What Is the Official Currency of Thailand: A Quick Guide

27/05/2025

News

India: Insurance Backs Traditional Medicine

India: Insurance Backs Traditional Medicine

27/05/2025
UPI Apps in India: Incentives Driving Digital Payments

UPI Apps in India: Incentives Driving Digital Payments

27/05/2025
Gold Price Revives Amid CPI Anticipation

Gold Price Revives Amid CPI Anticipation

27/05/2025
Japan’s Kato to Discuss Forex

Japan’s Kato to Discuss Forex

27/05/2025
blank

NZD/USD Climbs to Six-Month High as US Debt Concerns Weigh on Dollar

26/05/2025
blank

EUR/JPY Rebounds from Monthly Low on US Tariff Delay, Eyes Key Resistance Levels

26/05/2025
Foreign Exchange_Forex Market_Forex Trading_Forex Investment - mydayfinance.com

MydayFinance (www.mydayfinance.com) is a comprehensive foreign exchange industry website, providing global users with 24-hour comprehensive and timely foreign exchange market information, foreign exchange rate real-time query, foreign exchange rate conversion and other content.【Contact us: wougua@gmail.com】

Recent Posts

  • India: Insurance Backs Traditional Medicine 27/05/2025
  • UPI Apps in India: Incentives Driving Digital Payments 27/05/2025
  • Gold Price Revives Amid CPI Anticipation 27/05/2025
  • Japan’s Kato to Discuss Forex 27/05/2025
  • When Did Thailand Start Using Thai Baht? 27/05/2025

Tags

ARS ats Bank of Korea bam bef bhd bob Central Bank of Brazil CAD to CNY Central Bank of Canada Central Bank of Russia CHF to CNY cop cup dem Digital Currency Dollar Index dop eek ern esp financial markets forex trading gel ghs

Useful Links

Home

ABOUT US

Disclaimer

Privacy Policy

Article sitemap

Forex Trading Tips

Copyright © 2024 mydayfinance.com

No Result
View All Result
  • Home
  • Central Bank
  • Currency
  • Foreign Exchange Rate
  • News

Copyright © 2024 mydayfinance.com MydayFinance (www.mydayfinance.com) is a comprehensive foreign exchange industry website, providing global users with 24-hour comprehensive and timely foreign exchange market information, foreign exchange rate real-time query, foreign exchange rate conversion and other content.