EUR/GBP surges above 0.8700 after hawkish ECB, dovish BoE – by christianborjon EURGBP Crosses Macroeconomics BOE ECB
ECB Lagarde opened the door for further 50 bps rate hikes in subsequent meetings.EUR/GBP
rallies as the New York session progresses after the Bank of England and the European Central Bank decisions to hike rates by 50 bps each in their last monetary policy meetings of 2022. At the time of writing, the Euro has gained traction againstECB and BoE raised rates by 50 bpskeeps the EUR/GBP soaring sharply. The ECB’s decision to raise rates by 50 bps was widely expected, but the Quantitative Tightening announcement surprised the markets.
After the decisions, the EUR/GBP extended its gains due to the “hawkishness” perceived on the ECB’s side, while the BoE reiterated in its previous meeting that the terminal rate was substantially lower than what markets were pricing. Since the decision, the EUR/GBP climbed from 0.8610 to 0.8723 daily highs.
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