The EUR/GBP retreats on Wednesday after the latest UK’s budget revealed by the Chancellor Rachel Reeves seem to be well received by investors, which initially sold off the British Pound, which trimmed its earlier loses. At the time of writing, the cross trades at 0.8766 down 0.24%.
Pound Sterling (GBP) remains steady ahead of the UK Autumn Budget, with tax hikes expected to dominate and increased gilt sales likely, leaving GBP under pressure against major currencies, BBH FX analysts report.
The Reserve Bank of New Zealand (RBNZ) is expected to cut the Official Cash Rate (OCR) to 2.25% from 2.5%, following the conclusion of the November monetary policy meeting on Wednesday.