The pound euro (GBP/EUR) exchange rate rises for a fourth straight day.
The pound rises on hawkish BoE interest rate hike expectations. However, higher interest rates are expected to hit the housing market. Oxford Economics and Moody’s rating agency both forecast a 10% decline in house prices this year.
The euro has fallen this week after the region tipped into recession and last week data showed that inflation cooled by more than forecast.
As a result, ECB expectations are starting to be reined in slightly. The ECB will meet next week and are expected to hike rates by 25 basis points.
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