EUR/GBP is back into a near-term high around 0.8430 as markets firm up bets of a Bank of England (BoE) rate cut next week.
EUR/GBP rose back into familiar highs near 0.8430 on Thursday. Market action is giving the Euro a leg up against the Pound Sterling. Investors are adding into BoE rate cut bets, softening the GBP. EUR/GBP is back into a near-term high around 0.8430 as markets firm up bets of a Bank of England rate cut next week. Money markets now see slightly more than 50% odds of at least a quarter-point rate trim when the BoE gathers to deliver its latest rate call one week from now on August 1.
Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall. This also impacts the value of the Pound Sterling .
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