The EUR/GBP cross extends its upside around 0.8605 during the early Europen trading hours on Thursday.
EUR/GBP tradeson astrongernotefor three straight daysnear 0.8605 on Thursday. The BOE is anticipatedto keep itsmaininterest rate at a 16-year high of 5.25% at its May meeting on Thursday. ECB’sWunsch said he sees a path for the first-rate cuts this year, although the outlook remains foggy. The cross edges higher for the third consecutive day ahead of the Bank of England interest rate decision.
Research director at XTB Trading Group, KathleenBrooks,notedthat“the market is expecting the first rate cut from the BOE between June and August.” On the Euro front, the attention will shift to the ECB Monetary Policy Meeting Accounts on Friday, which might offersomehints about the economic outlook and the interest rate trajectory. The ECB policymaker Pierre Wunsch said on Wednesday that he sees a path forthe first-ratecuts this year, although the outlook remains foggy.
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