EUR/GBP Stays With Losses Near 0.8350 After ECB Reduces Interest Rates By 25 Bps Euro PRICE Today -

EUR/GBP Stays With Losses Near 0.8350 After ECB Reduces Interest Rates By 25 Bps Euro PRICE Today

Oct 17, 2024Jeremy ParkinsonFinance, No picture0

The EUR/GBP pair remains fragile after the European Central Bank (ECB) policy meeting in which the central bank cut its Rate on Deposit Facility by 25 basis points (bps) to 3.25%. The ECB reduced its key borrowing rates for the second straight time.Euro PRICE TodayThe table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Canadian Dollar.

USD EUR GBP JPY CAD AUD NZD CHF USD 0.25% 0.00% 0.24% 0.29% -0.26% 0.05% 0.02% EUR -0.25% -0.26% 0.03% 0.05% -0.51% -0.16% -0.23% GBP -0.00% 0.26% 0.27% 0.30% -0.26% 0.07% 0.04% JPY -0.24% -0.03% -0.27% 0.04% -0.53% -0.22% -0.22% CAD -0.29% -0.05% -0.30% -0.04% -0.55% -0.23% -0.25% AUD 0.26% 0.51% 0.26% 0.53% 0.55% 0.32% 0.31% NZD -0.05% 0.16% -0.07% 0.22% 0.23% -0.32% -0.03% CHF -0.02% 0.23% -0.04% 0.22% 0.25% -0.31% 0.03%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).The central bank was already expected to cut its key borrowing rates as recent commentaries from officials indicated that they more worried about stagnation in economic growth than taming price pressures in the Eurozone.The central bank has also cut the Main Refinancing Operations Rate by 25 bps to 3.4%. Market participants expect the ECB to reduce its borrowing rates further in its upcoming monetary policy in December as the Eurozone economic outlook has worsened due to growing expectations that former US President Donald Trump will win presidential elections, which are scheduled for November 5. Tariffs on imports are expected to rise in Trump’s administration, which will weigh on exports from European and Asian economies.Meanwhile, the Pound Sterling (GBP) gains ground on Thursday after a sharp sell-off on Wednesday. The GBP dived after the release of the United Kingdom (UK) Consumer Price Index (CPI) report for September, which showed a slowdown in price pressures.The service inflation, a closely watched indication by Bank of England (BoE) policymakers, decelerated to 4.8%, the lowest level since May 2022. Soft inflation data has prompted market expectations that the BoE could cut interest rates in each of the two policy meetings remaining this year, which are scheduled in November and December. Before the inflation data, traders were pricing only one interest rate cut in either of the two policy meetings.More By This Author:EUR/JPY Consolidates Near 162.50 With ECB Policy On The Horizon EUR/USD Extends Decline Ahead Of ECB Policy Meeting EUR/USD Remains Fragile As Traders Brace For ECB Policy Meeting