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Market News As EUR/GBP approaches a 16-month high of 0.8720, attention goes to UK Inflation

As EUR/GBP approaches a 16-month high of 0.8720, attention goes to UK Inflation

EUR/GBP aims to reclaim its 16-month high of 0.8721 after the ECB announced a 75 basis point rate hike. Truss announced an energy bill cap to protect the interests of households. Inflation in the United Kingdom will rise further due to surging energy costs.

Alina Haynes

2022-09-09

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The EUR/GBP pair hopes to extend its two-day winning streak if it manages to surpass Thursday's 0.8712 high. As a result of the European Central Bank's (ECB) historic rate hike, the asset is finally aiming to reclaim a 16-month high at 0.8720. On a broader scale, the cross has been rising steadily for the previous two weeks after a brief pause around 0.8600.

By announcing a massive 75-basis-point rate hike, Christine Lagarde, president of the European Central Bank, prioritized taming the red-hot inflation over growth prospects (bps). The interest rate has been increased to 1.25 percent, and further increases are anticipated. In the future, the central bank will continue to place a greater emphasis on data and will not continue to raise key interest rates.

The central bank has also released predictions for inflation, which are predicted to average 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024. The European Central Bank (ECB) blamed skyrocketing energy and food prices and supply chain constraints for intensifying price pressures.

The bulls of the pound face a double-digit inflation rate and gloomy long-term growth in the United Kingdom. The next Prime Minister of the United Kingdom, Liz Truss, is attempting to restore consumer confidence and has announced a cap on energy bills to protect households from the upcoming winter season. Due to an increase in the use of electrical appliances and heaters, demand for energy increases throughout the winter months.

A typical home will pay no more than £2,500 per year on energy bills, as stipulated under the new cabinet's energy bill cap.

In the future, the UK inflation rate will remain a focal point. Previously, the Consumer Price Index (CPI) reached 10.1%. As August energy prices have stayed optimistic, it is anticipated that the economic data will accelerate further.