{"id":117933,"date":"2024-06-20T10:02:33","date_gmt":"2024-06-20T09:02:33","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117933"},"modified":"2024-06-20T10:02:49","modified_gmt":"2024-06-20T09:02:49","slug":"109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\/","title":{"rendered":"GBP\/EUR: Pound rises ahead of the BoE rate decision"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) rises with the BoE in focus<\/strong><\/li>\n<li><strong>The central bank is expected to leave rates unchanged<\/strong><\/li>\n<li><strong>Euro (EUR) drifts lower after the ECB bulletin<\/strong><\/li>\n<li><strong>ECB bulletin sees risks to growth as neutral<\/strong><\/li>\n<\/ul>\n<p>The Pound Euro (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-gbp-to-eur-exchange-rate-today\/\">GBP\/EUR<\/a>) exchange rate is rising for a second day. The pair rose 0.06% in the previous session, settling on Wednesday at \u20ac1.1833 and trading in a range between \u20ac1.1862 and \u20ac1.1828. At 10:00 UTC, GBP\/EUR trades 0.08% at \u20ac1.1848.<\/p>\n<p>The pound is edging higher ahead of the Bank of England interest rate decision at midday local time.<\/p>\n<p>The Bank of England is widely expected to leave interest rates on hold despite headline inflation easing back to the Bank of England&#8217;s target 2% level for the first time since July 2021.<\/p>\n<p>Drilling deeper into yesterday&#8217;s data, the figures showed that service sector inflation, which is closely watched by the Bank of England, remains sticky at 5.7% above the 5.5% forecasts. This is directly linked to the persistently strong wage growth that the UK has also experienced.<\/p>\n<p>Sticky service sector inflation and strong wage growth, combined with the fact that there is an election in the UK on July 4th, mean that the Bank of England is unlikely to make a move today.<\/p>\n<p>Attention will be firmly on the central bank&#8217;s forward guidance and whether it prepares the market for a rate cut in the August meeting.<\/p>\n<p>Following the inflation data, the likelihood of an August rate cut is less than 50\/50, and the market is also pricing in a September rate cut.<\/p>\n<p>Meanwhile, the euro is relatively unchanged as investors digest the latest ECB economic bulletin.<\/p>\n<p>The report published on Thursday showed that the central bank considers risks to the economy to be balanced in the near term and reiterated the central bank&#8217;s focus on returning inflation to the 2% target level in a timely manner.<\/p>\n<p>The report highlighted that most measures of underlying inflation declined further in April, confirming the picture of gradually diminishing price prices. However, it&#8217;s worth noting that since the report, inflation has ticked higher.<\/p>\n<p>There is no high-impacting eurozone data due to be released.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) rises with the BoE in focus The central bank is expected to leave rates unchanged Euro (EUR) drifts lower after the ECB bulletin ECB bulletin sees risks to growth as neutral The Pound Euro (GBP\/EUR) exchange rate is rising for a second day. The pair rose 0.06% in the previous session, settling on [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,2649,1394,2410],"class_list":["post-117933","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-eur-gbp","tag-gbp","tag-gbp-eur"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound rises ahead of the BoE rate decision - 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\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound rises ahead of the BoE rate decision\",\"datePublished\":\"2024-06-20T09:02:33+00:00\",\"dateModified\":\"2024-06-20T09:02:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/\"},\"wordCount\":354,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100739-gbp-eur-boe-lifts-pound-vs-euro.jpg\",\"keywords\":[\"eur\",\"eur\\\/gbp\",\"gbp\",\"gbp\\\/eur\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109134-gbp-eur-pound-rises-ahead-of-the-boe-rate-decision\\\/\",\"name\":\"GBP\\\/EUR: Pound rises ahead of the BoE rate decision - 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