EUR/GBP rises above 0.8600 following hawkish comments from ECB’s Lagarde

Source Fxstreet
  • EUR/GBP rises as ECB President Lagarde signals readiness to take all necessary measures to achieve the inflation target.
  • A senior ECB official warned that excessive Euro strength could drive inflation below the ECB’s 2% target.
  • UK PM Starmer confirmed that Chancellor Reeves will remain in her role for a very long time to come.

EUR/GBP inches higher after registering 0.50% losses in the previous session, trading around 0.8610 during the early European hours on Friday. The currency cross attempts to regain its ground as the Euro (EUR) may appreciate against its peers, following the comments from the European Central Bank (ECB) President Christine Lagarde.

President Lagarde said that “we will do whatever we must do to reach the inflation target.” She also added that the economic system needs to become more efficient before the Euro can boost its global currency status. The Financial Times (FT) cited a senior ECB official, saying that the central bank may need to signal that too much strengthening in the Euro could be an issue, as it could push inflation below the ECB’s 2% target level.

However, the EUR/GBP cross may extend its losses as the Pound Sterling (GBP) receives support amid easing market concerns over a shift to a looser fiscal stance with higher borrowing, following speculation about a potential replacement for Chancellor Rachel Reeves. UK Prime Minister Keir Starmer addressed these concerns by defending Reeves and affirming that she will remain in her role “for a very long time to come.”

The Bank of England (BoE) is expected to deliver an interest rate cut in August, taking the central bank’s base rate to 4%, following dovish remarks from officials. BoE Governor Andrew Bailey told CNBC on Tuesday that interest rates should come down gradually as inflationary pressures appear to be easing. However, BoE policymaker Alan Taylor said that “I don't think bigger cuts are necessarily needed or desirable.”

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Australian Dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.11% -0.06% -0.39% 0.07% 0.41% 0.20% -0.20%
EUR 0.11% 0.09% -0.24% 0.24% 0.40% 0.32% -0.04%
GBP 0.06% -0.09% -0.34% 0.12% 0.34% 0.24% -0.13%
JPY 0.39% 0.24% 0.34% 0.46% 0.67% 0.53% 0.09%
CAD -0.07% -0.24% -0.12% -0.46% 0.20% 0.11% -0.25%
AUD -0.41% -0.40% -0.34% -0.67% -0.20% -0.13% -0.45%
NZD -0.20% -0.32% -0.24% -0.53% -0.11% 0.13% -0.37%
CHF 0.20% 0.04% 0.13% -0.09% 0.25% 0.45% 0.37%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Falls Below $116,000 Amid Growing Macro UncertaintyBitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
Author  Mitrade
8 Month 18 Day Mon
Bitcoin slid below the 116,000 mark on Monday, retreating sharply from its record highs achieved last week.
placeholder
Australian Consumer Confidence Hits 3-Year High on RBA Rate CutsAustralian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
Author  Mitrade
8 Month 19 Day Tue
Australian consumer sentiment soared to its highest level in over three years in August, buoyed by recent Reserve Bank of Australia (RBA) rate cuts and easing cost-of-living pressures, according to a Westpac-Melbourne Institute survey released Tuesday.
placeholder
Small Caps and Value Stocks Lead Gains as S&P 500 AdvancesLast week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
Author  Mitrade
8 Month 19 Day Tue
Last week, the S&P 500 continued its upward momentum despite notable shifts in market leadership.
placeholder
OpenAI Introduces Lowest-Cost ChatGPT Subscription in India with UPI Payment OptionOn Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
Author  Mitrade
8 Month 19 Day Tue
On Tuesday, OpenAI introduced ChatGPT Go, its most affordable AI subscription tier, targeting the price-sensitive Indian market. Nick Turley, OpenAI’s Vice President and Head of ChatGPT, announced the launch via an X post, highlighting that users can pay through India’s Unified Payments Interface (UPI).
placeholder
Bitcoin Dips to Two-Week Low Around $113K Ahead of Fed Jackson Hole EventBitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
Author  Mitrade
Yesterday 09: 36
Bitcoin continued its downward trajectory on Wednesday, hitting a two-week low as investors trimmed their positions ahead of the Federal Reserve’s upcoming Jackson Hole symposium.
Related Instrument
goTop
quote