EUR/GBP dipped to a fresh 22-month low on Friday, tapping 0.8400 before finding a thin recovery that still leaves the pair battling at the bottom of an accelerating three-month decline from April’s peaks above 0.8600.
EUR/GBP is climbing on Friday after a dip to the 0.8400 handle. ECB soothing talking points are helping to recover sentiment, but only slightly. BoE rate call looms ahead next week, but rate moves not expected yet. European political turmoil continues to weigh on the Euro as France heads into a two-round snap election on June 30 and July 7, and Sterling traders are buckling down for the wait to next week’s rate call from the Bank of England .
On the Sterling side, GBP traders are settling in for the long wait to next week’s UK Consumer Price Index update slated for Wednesday, followed by a fresh rate call from the BoE next Thursday. The BoE’s Monetary Policy Committee last voted seven-to-two to keep rate cuts pinned at 5.25%, and although no movement on rates is expected, investors will be keeping an eye out for any further shifts from ‘hold’ to ‘cut’ votes.
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