The post EUR/GBP appreciates to near 0.8350, eyes on ECB officials appeared on BitcoinEthereumNews.com.

EUR/GBP gains ground ahead of the speeches from ECB’s Philip Lane and Piero Cipollone on Friday. The Euro may face challenges as the ECB is widely expected to deliver another rate cut in October. The Pound Sterling receives support as the BoE is expected to reduce rates more gradually compared to other central banks. EUR/GBP retraces its recent losses from the previous session, trading around 0.8340 during Friday’s Asian hours. However, further gains may be limited, as the Euro’s performance against major currencies remains weak amid increasing speculation that the European Central Bank (ECB) could lower the Deposit Facility Rate for the second consecutive time next month. This would mark the ECB’s third dovish move this year. ECB Chief Economist Philip Lane will likely deliver the opening remarks at a conference focused on Fiscal Policy, Financial Sector Policy, and Economic Growth in Dublin, Ireland. Meanwhile, ECB board member Piero Cipollone will give a keynote speech at the “Economics of Payments XIII” conference, organized by the Austrian Central Bank. According to a Reuters report, economists at HSBC anticipate that the ECB will reduce interest rates by 25 basis points at each meeting from October through next April. Meanwhile, Societe Generale economist Anatoli Annenkov suggested there is a case for front-loading the rate cuts, indicating a preference for more aggressive action earlier in the easing cycle. On the GBP side, expectations that the Bank of England’s (BoE) rate-cutting cycle will likely proceed more slowly than the ECB’s should continue to support the British Pound (GBP) and exert downward pressure on the EUR/GBP cross. The BoE allotted 37.059 billion pounds ($49.52 billion) in seven-day funds during its weekly short-term repo on Thursday, down from last week’s record of 44.523 billion pounds. Repos, or repurchase agreements, allow banks to temporarily exchange government bonds for…

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Filed under: News - @ September 27, 2024 6:23 am