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The EUR/GBP exchange rate recovers from 0.86 before to German GDP

Alina Haynes

Oct 28, 2022 15:29

 截屏2022-10-28 上午10.31.22.png

 

During the Tokyo session, the EUR/GBP exchange rate of 0.8610 attracted increased interest. Prior to the announcement of German Gross Domestic Product (GDP) data, the asset broke above a tight consolidation between 0.8610 and 0.8620.

 

The risk profile has detected a comeback as S&P500 futures have reduced their gains. Additionally, the US dollar index (DXY) has declined to roughly 110.35.

 

Following Thursday's announcement of monetary policy by the European Central Bank, bulls of common currencies faced a sharp sell-off (ECB). Christine Lagarde, president of the European Central Bank (ECB), announced a 75 basis point (bps) consecutive rate increase and a push of interest rates to 1.5%, the highest level since 2009, in order to combat the record inflation jump and ensure a speedy return to 2%.

 

The less forceful tone of policy directives hurt euro bulls. Christine Lagarde appeared dovish during the press conference, but Commerzbank analysts still forecast a big rate hike at the December meeting.

 

The future focus of investors will be on German Gross Domestic Product (GDP) figures. The consensus predicts that the annual GDP growth rate for the third quarter will be 0.8%, down from the previous reading of 1.7%. Quarterly GDP data will demonstrate a 0.2% drop.

 

In order to establish financial stability, the novel UK Prime Minister Rishi Sunak has shifted his whole attention to lowering the pile of debt. According to the Financial Times, Sunak is proposing tax increases and budget cuts of up to 50 billion GBP, which is consistent with the plan of the Bank of England (BOE). Next week, investors will focus only on the monetary policy of the Bank of England. As the first interest rate decision following Sunak's candidacy as British prime minister, the monetary policy decision will have a significant impact.


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