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Market News Despite a surge in bullish BOE wagers, the EUR/GBP pair rises toward 0.8640

Despite a surge in bullish BOE wagers, the EUR/GBP pair rises toward 0.8640

The EUR/GBP exchange rate is approaching 0.8640 as higher headline HICP has boosted hawkish ECB bets. A rate hike of 75 basis points by the BOE would be the largest in the current cycle. To fight the debt issue, a synergy of revenue increases and spending cuts is required.

Alina Haynes

2022-11-01

276

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During the Tokyo session, the EUR/GBP pair looks to extend its rebound over the immediate barrier of 0.8625. After defending the important support level of 0.8574 on Monday, the cross rose sharply. The asset is favored by long-term investors since the optimism inspired by the UK's innovative leadership has waned.

The nomination of Rishi Sunak as Prime Minister of the United Kingdom, the fifth leader in the past six years, offered short-term stability to the United Kingdom's bond markets. The synergy between British Prime Minister Rishi Sunak and Chancellor Jeremy Hunt is responsible for reducing the debt mess in a hyperinflationary atmosphere.

To reduce the mountain of debt, the administration is concentrating on tightening fiscal policy by cutting spending and imposing increased tax burdens on the general populace.

Treasury insiders said in a Financial Times piece published on Monday that Sunak and Chancellor Jeremy Hunt had agreed that "those with the broadest shoulders should be expected to carry the biggest weight" and that taxes will increase for everyone. They stated that the administration believes it is necessary to plug the hole in the economy caused by minting money to combat Covid-19 and assist households with energy costs. And spending cuts rarely suffice to close the deficit.

Governor Andrew Bailey of the Bank of England (BOE) is expected to tighten monetary policy further to reduce inflationary pressures. Rabobank analysts have projected a 75 basis point (bps) increase in interest rates. This would be the most significant rate increase of the current cycle.

In the meantime, Euro investors are anticipating additional rate hikes from the European Central Bank (ECB) as the headline Harmonized Index of Consumer Prices (HICP) has risen to 10.7% compared to 10.2% as anticipated. Price pressures have skyrocketed, and additional rate hikes are required to handle the inflation issue.