The EUR/GBP pair jumps to 0.8550 in the European session on Tuesday.
EUR/GBP rebounds to 0.8550 amid uncertainty over the Pound Sterling outlook ahead of the BoE policy meeting. The UK inflation data will influence expectations for the BoE to reduce interest rates from August. Eurozone ZEW Survey- Economic Sentiment improves sharply to 33.5 in March. The asset rises ahead of key United Kingdom economic events this week. The Pound Sterling will be influenced by the Bank of England’s interest rate decision, which will be announced on Thursday.
The annual headline inflation is forecast to have grown at a slower pace of 3.6% against 4.0% in January. In the same period, core inflation that excludes volatile food and energy prices is forecast to have decelerated to 4.6% from 5.1%. Meanwhile, the Euro rises on upbeat Eurozone ZEW Survey—Economic Sentiment. The economic data showcases institutional investors' sentiment towards the economic outlook improving significantly to 33.5 from expectations of 25.4 and the former reading of 25.0.
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