{"id":118061,"date":"2024-07-17T22:32:36","date_gmt":"2024-07-17T21:32:36","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=118061"},"modified":"2024-07-17T22:44:10","modified_gmt":"2024-07-17T21:44:10","slug":"109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\/","title":{"rendered":"GBP\/EUR: Pound rises after hotter-than-expected inflation"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) is rising for a second day<\/strong><\/li>\n<li><strong>UK inflation held steady at 2% vs 1.9% expected<\/strong><\/li>\n<li><strong>Euro (EUR) falls as inflation cooled<\/strong><\/li>\n<li><strong>ECB rate decision is tomorrow<\/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 after two days of losses. The pair fell 0.07% in the previous session, settling on Tuesday at \u20ac1.1893 and trading in a range between \u20ac1.1887 and \u20ac1.1911. At 20:00 UTC, GBP\/EUR trades +0.04% at \u20ac1.1897.<\/p>\n<p>The pound has risen to a 2 year high against the euro and a yearly high against the US dollar after UK inflation data was stickier than expected raising doubts over when the Bank of England could start cutting interest rates.<\/p>\n<p>UK inflation was 2% year on year in June, in line with May but above expectations of 1.9%. Meanwhile, service sector inflation, which Bank of England policymakers will be watching closely, was also hotter than expected at 5.7%, defying expectations of a fall to 5.6%. Restaurants and hotels saw prices rise sharply, which could be the Taylor Swift effect ass her Eros tour came to the UK,<\/p>\n<p>Following the data, the markets have reined in Bank of England rate cut expectations. Investors are now pricing in a 30% probability of a rate cut in August down from a 50% probability at the start of the week. This reining in of rate cut expectations sent the pound higher.<\/p>\n<p>Attention will now turn to UK jobs data, which is due tomorrow. Policymakers will be watching wage growth, which has also remained uncomfortably high, lifting sticky service sector inflation.<\/p>\n<p>The euro fell after eurozone inflation eased to 2.5% year on year in June, down from 2.6%. While this is an encouraging sign that inflation is moving in the right direction, it&#8217;s unlikely to encourage the ECB to cut interest rates sooner.<\/p>\n<p>The ECB rate decision is tomorrow, and the central bank is widely expected to leave interest rates unchanged at 3.75%. However, the ECB could prepare the market for a rate cut in September should inflation continue to ease further.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) is rising for a second day UK inflation held steady at 2% vs 1.9% expected Euro (EUR) falls as inflation cooled ECB rate decision is tomorrow The Pound Euro (GBP\/EUR) exchange rate is rising after two days of losses. The pair fell 0.07% in the previous session, settling on Tuesday at \u20ac1.1893 and [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":4728,"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-118061","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 after hotter-than-expected inflation - 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\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\/\" \/>\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\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound rises after hotter-than-expected inflation\",\"datePublished\":\"2024-07-17T21:32:36+00:00\",\"dateModified\":\"2024-07-17T21:44:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/\"},\"wordCount\":330,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100566-gbp-usd-uk-wages-and-inflation.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\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109168-gbp-eur-pound-rises-after-hotter-than-expected-inflation-2\\\/\",\"name\":\"GBP\\\/EUR: Pound rises after hotter-than-expected inflation - 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