EUR/GBP cross faces challenges as the ECB kept the deposit rate unchanged at 4.0%. BoE’s higher interest ratedampens the UK’s economy amid stubborn inflation. UK’s central bank is expected to maintain the current interest rates at 5.25%. ressure after the policy decision by the European Central Bank . The central bank opted to keep the deposit rate unchanged at 4.0%, citing a worsening economic outlook for the Eurozone as the influencing factor.
Economic data reveals significant contractions across various sectors, with high inflation putting a strain on household budgets. However, the persistent risks of inflation raise doubts among market participants regarding UK Prime Minister Rishi Sunak's ability to fulfill his promise of reducing headline inflation to 5.4% through the end of the year.
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Source: FXStreetNews - 🏆 14. / 72 Read more »