EUR/GBP fails to surpass the 100-day SMA amid GBP’s EURGBP Crosses Currencies
Q2 GDP data from the UK avoided stagnation, surpassing market expectations.In Friday’s session, the GBP traded with gains agains most of its rivals as the UK reported strong Q2 economic activity figures, which faded recession fears. On the other hand, the EUR is trading mixed, while no relevant data was released during Friday’s session.The UK's second-quarter Gross Domestic Product data revealed robust performance. In terms of the yearly measurement, it surged by 0.
Reacting to the data, the British yields are seeing gains across the curve, making the GBP gain interest. The 10-year bond yield rose to 4.57% while the 2-year yield stands at 5.05% and the 5-year yielding 4.58%, respectively. In that sense, they reflect that markets expect the Bank of England to continue hiking. According to the World Interest Rate Possibilities tool, investors are pricing 50 bps of additional tightening this cycle which would see the terminal rate peak at 5.75%.
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