The EUR/GBP pair declines to 20-month low near 0.8450 in Monday’s European session.
EUR/GBP falls to 0.8450 as the Euro is weighed down by the Eurozone ’s political uncertainty. French President Emmanuel Macron called for s snap election. The next move in the Pound Sterling will be guided by UK’s Employmnet data for quarter-to-April. The cross falls on face after an unexpected call for snap election by French President Emmanuel Macron spooks Eurozone ’ polictical stability, which resulted in a significant selling pressure on the Euro across the board.
In addition to ECB Nagel, ECB policymaker Robert Holzmann, who didn’t vote for a rate cut in last week’s monetary policy when the Deposit Facility Rate was lowered for the first time in five years, cautioned that inflation could increase again if the Fed maintains a hawkish stance for a longer period. Meanwhile, the Pound Sterling will dance to the tunes of the United Kingdom’s Employment data for the February-April period, which will be published on Tuesday.
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