EUR/GBP faces downward pressure following mixed Consumer Price Index (CPI) data from the United Kingdom (UK).
EUR/GBP moves negatively after paring intraday gains amid mixed UK inflation figures. UK CPI MoM remained stable at a 0.6% increase in March, while the YoY index rose by 3.2%, exceeding expectations. Traders shift their focus on the Eurozone Harmonized Index of Consumer Prices, set to be released Wednesday. EUR/GBP faces downward pressure following mixed Consumer Price Index data from the United Kingdom . The EUR/GBP pair dips to near 0.8540 during the Asian session on Wednesday.
The key question for BoE policymakers, according to Bailey, is how much additional evidence is needed before considering interest rate cuts. On the other side, the Euro faces challenges amid growing speculation that the European Central Bank will commence interest rate cuts in June, driven by a tepid Eurozone economic outlook and moderating core inflationary pressures.
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