{"id":112874,"date":"2022-08-05T06:57:22","date_gmt":"2022-08-05T05:57:22","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=112874"},"modified":"2022-08-05T06:58:07","modified_gmt":"2022-08-05T05:58:07","slug":"107202-gbp-eur-pound-tumbles-following-boe-rate-increase","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\/","title":{"rendered":"GBP\/EUR: Pound Tumbles Following BOE Rate Increase"},"content":{"rendered":"<ul>\n<li>GBP tumbles against the EUR to an 8-day low<\/li>\n<li>BOE hikes interest rate to 1.75%<\/li>\n<li>UK economy to enter recession in Q4<\/li>\n<li>US nonfarm payrolls job eyed next<\/li>\n<\/ul>\n<p>The Pound Euro (GBP\/EUR) exchange rate tumbled for the second consecutive day following the BOE interest rate hike. The pair declined -0.67% in the previous session settling on Thursday at \u20ac1.1865, after trading in a range between \u20ac1.1983 \u2013 \u20ac1.1852.<\/p>\n<p>At 05:55 UTC, GBP\/EUR trades +0.04% at \u20ac1.1870.<\/p>\n<p>The Bank of England raised the interest rate by 50 basis points to 1.75%, for a sixth consecutive meeting in an effort to tackle inflation. UK\u2019s borrowing costs are at the highest level since 2009 following the biggest rate increase in 27 years.<\/p>\n<p>The central bank said that it\u2019s expecting inflation to peak at 13% by the end of the year while the GDP is forecasted to drop 2.1% &#8211; the biggest economic contraction since the aftermath of the subprime mortgage crisis. This means that the UK economy will plunge into a recession in Q4 of 2022.<\/p>\n<p>Elsewhere, according to figures by Destatis, Germany&#8217;s factory orders fell by 0.4% in June following a revised 0.2% decline in May.<\/p>\n<p>At the foreign exchange market, the EUR traded higher against a basket of other currencies on Thursday as investors are eyeing the key NFP report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP tumbles against the EUR to an 8-day low BOE hikes interest rate to 1.75% UK economy to enter recession in Q4 US nonfarm payrolls job eyed next The Pound Euro (GBP\/EUR) exchange rate tumbled for the second consecutive day following the BOE interest rate hike. The pair declined -0.67% in the previous session settling [&hellip;]<\/p>\n","protected":false},"author":163946612,"featured_media":4509,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,3417,1394,1493],"class_list":{"0":"post-112874","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-eur","10":"tag-eurgbp","11":"tag-gbp","12":"tag-nfp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound Tumbles Following BOE Rate Increase - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stelian Olar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/\"},\"author\":{\"name\":\"Stelian Olar\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c83637dd6dc82bcaadbc8b6c994d1186\"},\"headline\":\"GBP\\\/EUR: Pound Tumbles Following BOE Rate Increase\",\"datePublished\":\"2022-08-05T05:57:22+00:00\",\"dateModified\":\"2022-08-05T05:58:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/\"},\"wordCount\":214,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100442-gbp-usd-boe-guv-mark-carney.jpg\",\"keywords\":[\"eur\",\"eurgbp\",\"gbp\",\"nfp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/107202-gbp-eur-pound-tumbles-following-boe-rate-increase\\\/\",\"name\":\"GBP\\\/EUR: Pound Tumbles Following BOE Rate Increase - 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