EUR/GBP rebounds from multi-week low, retakes 0.8600 mark on stronger Eurozone CPI – by hareshmenghani EURGBP Inflation ECB BOE Currencies
Stronger Eurozone inflation data provide a modest lift to the euro and offer support.cross attracts some buying near the 0.8575-0.8570 region on Monday and snaps a four-day losing streak to its lowest level since early September. The intraday uptick picks up pace following the release of stronger Eurozone consumer inflation figures and lifts spot prices back above the 0.8600 mark during the first half of the European session.
The latest data published by Eurostat showed that the annualized Eurozone Harmonised Index of Consumer Prices accelerate to 10.7% in October from 9.9% in the previous month. Adding to this, the core figures climbed to 5.0% YoY during the reported month as compared to the 4.9% expected and 4.8% recorded in September. Separately, the first reading of theGDP print showed that the economy expanded by 0.2% during the third quarter, matching consensus estimates.
That said, a more dovish tone adopted by the European Central Bank last week - in the wake of the worsening- continues to act as a headwind for the euro. The British pound, on the other hand, draws support from the latest optimism over the appointment of Rishi Sunak as the new UK Prime Minister. Market players see Sunak as someone who can bring stability back after the recent volatility in the markets.
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