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    EUR/GBP moves back and forth around 0.8580 ahead of ECB members’ speeches, BoC Minutes

    Source Fxstreet
    Mar 27, 2024 08:51
    • EUR/GBP exhibits a sideways movement ahead of ECB members’ speeches on Wednesday.
    • BoE MPC Member Catherine Mann thinks that the central bank is pricing in too many cuts.
    • The Euro could face pressure on speculation of an ECB rate cut in June.

    EUR/GBP consolidates around 0.8580 during the European session on Wednesday. Bank of England (BoE) Monetary Policy Committee (MPC) Member Catherine Mann cited softening labor market conditions and slowing services inflation as factors influencing her decision to vote in favor of holding interest rates on Thursday. This stance has buoyed hopes among investors for the implementation of a looser monetary policy by the BoE.

    Mann cautioned that financial markets are anticipating an excessive number of interest rate cuts this year and suggested that the Bank of England (BoE) is unlikely to act before the US Federal Reserve. She stated, "I think they're pricing in too many cuts."

    The EUR/GBP cross could have received upward support following the release of softer-than-expected inflation data for February in the United Kingdom. This development has reshaped market expectations for the Bank of England (BoE) to potentially lower interest rates starting from the June meeting.

    The Euro could face downward pressure due to growing speculation of a rate cut by the European Central Bank (ECB) in June. ECB policymaker Madis Muller indicated on Tuesday that the central bank is approaching a juncture where rate cuts may begin. Furthermore, ECB official Yannis Stoumaras noted a consensus for a rate cut in June.

    Traders are expected to closely monitor speeches from ECB Chief Economist Philip Lane and ECB Executive Board member Piero Cipollone on Wednesday, along with the release of the European Commission’s Business Climate and Consumer Confidence data for March. On the United Kingdom’s (UK) side, BoC Financial Policy Committee (FPC) Minutes and Statement will be released later in the day.

    EUR/GBP

    Overview
    Today last price 0.858
    Today Daily Change 0.0003
    Today Daily Change % 0.03
    Today daily open 0.8577
     
    Trends
    Daily SMA20 0.8552
    Daily SMA50 0.8549
    Daily SMA100 0.8599
    Daily SMA200 0.8608
     
    Levels
    Previous Daily High 0.8588
    Previous Daily Low 0.8569
    Previous Weekly High 0.8602
    Previous Weekly Low 0.853
    Previous Monthly High 0.8578
    Previous Monthly Low 0.8498
    Daily Fibonacci 38.2% 0.8581
    Daily Fibonacci 61.8% 0.8577
    Daily Pivot Point S1 0.8568
    Daily Pivot Point S2 0.8559
    Daily Pivot Point S3 0.8549
    Daily Pivot Point R1 0.8587
    Daily Pivot Point R2 0.8597
    Daily Pivot Point R3 0.8606

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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