The pound euro (GBP/EUR) exchange rate is falling for a 4th day.
The pound is dropping ahead of the BoE interest rate decision where the central bank is expected to hike rates by 25 basis points to 4.75%. The market is pricing in 5 more rate hikes from the BoE, a level which would send the economy into recession.
The meeting comes after inflation data yesterday showed that CPI stayed at 8.7% YoY in May.
The euro is benefitting from a weaker pound and USD, shrugging off a growing division between ECB policymakers over the future path of rate hikes.
Eurozone consumer confidence data is due later today and is expected to rise to -17 from -17.4.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.
