EURGBP extended gains for the second successive session, trading around 0.8420 on Thursday. The Euro remains strong as the European Central Bank decided at its July Monetary Policy Meeting to maintain its main refinancing rate at 4.25%, as expected. The ECB’s deposit facility rate also remains unchanged at 3.75%. Traders are now looking to further … Read more
The GBPUSD pair is trading around 1.2710 as financial markets await the release of the UK Consumer Price Index (CPI) and FOMC Minutes. Federal Reserve officials are cautious about the timing of interest rate cuts due to hotter-than-expected inflation data. Bank of England Governor Andrew Bailey expects a rate cut in the future. The UK CPI is estimated to show a decrease in April compared to the previous meeting. The reports could impact the timing of the first rate cut.