The EUR/GBP cross extends the rally near 0.8575 during the early European session on Tuesday.
EUR/GBP trades in positive territory for the fourth consecutive day around 0.8575 in Tuesday’s early European session. German Factory Orders climbed 3.9% MoM in June vs. -1.6% prior, better than expected. BoE’s Bailey said the central bank must be careful about further rate cuts, while investors bet on more rate cuts before year-end. The uptick of the Euro is bolstered by the recent upbeat German economic data.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year.
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