The EUR/GBP pair remains under pressure from the last week after the Eurozone’s consumer spending data slowed at a higher pace in August as high infla
EUR/GBP declined toward 0.8600 as the ECB’s higher interest rates dented the economic outlook. ECB Lagarde vowed to keep interest rates higher to bring inflation to 2% in a timely manner. BoE Bailey is confident about bringing down inflation to 5% or lower by the year-end. tion squeezes the real income of households. The cross is expected to extend its downside as the confidence of investors in the Eurozone economy is declining due to an uncertain economic outlook.
Meanwhile, investors underpin the Pound Sterling against the shared currency as the Bank of England Governor Andrew Bailey is confident about bringing down inflation to 5% or lower by the year-end. This indicates that UK Prime Minister Rishi Sunak would meet his promise of halving inflation to 5.2% until 2023 ends. Going forward, UK’s factory activity and Gross Domestic Product data will be keenly watched.
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