The EUR/GBP pair prints a fresh five-month high at 0.8750 as Eurozone headline inflation remained softer-than-anticipated in October.
EUR/GBP climbs to near 0.8750 as Eurozone inflation softened in October. The Eurozone economy reported de-growth by 0.1% in the Q3 GDP. A steady interest rate policy from the BoE is widely anticipated. The Eurostat reported that the monthly preliminary headline Harmonized Index of Consumer Prices grew marginally by 0.1% against a 0.3% acceleration in September. Annual headline HICP decelerated significantly to 2.9% against expectations of 3.1% and 4.3% reading from September.
The economic activities in the old continent remained weak as it is struggling to absorb the consequences of higher interest rates by the ECB. On the Pound Sterling front, investors await the interest rate decision by the Bank of England , which will be announced on Thursday. In spite of the fact that the consumer inflation in the UK economy is highest among G7 economies, a steady interest rate decision is widely anticipated from BoE Governor Andrew Bailey.
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