EUR/GBP struggles near one-week low on softer German inflation, holds above mid-0.8800s – by hareshmenghani EURGBP Inflation ECB BOE Currencies
The shared currency's relative underperformance against its British counterpart could be attributed to the softer German consumer inflation figures. In fact, the German statistical office, Destatis reported that the Harmonised Index of Consumer Prices dropped to 9.2% on a yearly basis in January from 9.6% in December. On a monthly basis, the HICP rose 0.5% in the first month of the year against the 1.4% expected and -1.2% prior.
It is worth recalling that the UK central bank removed the phrase that they would "respond forcefully, as necessary". Furthermore, BoE Governor Andrew Bailey said that inflation will fall more rapidly during the second half of 2023. This suggested that the BoE was becoming increasingly unsure as to whether further policy tightening is warranted.
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