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Market News EURGBP recovers its largest daily loss in a month above 0.8700 in advance of UK Q3 GDP data

EURGBP recovers its largest daily loss in a month above 0.8700 in advance of UK Q3 GDP data

In the midst of a slow session, the EURGBP gains bids to consolidate recent losses. Ahead of the most important statistics, buyers are enticed by hawkish ECBS language and fears of a decline in the UK's third-quarter gross domestic product. The previous day was marked by a robust risk-taking attitude, but today sentiment has returned to normal levels. Positive Brexit developments and the BOE's aim to reduce emergency gilt purchases entice sellers.

Alina Haynes

2022-11-11

601

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During Friday's Asian session, EURGBP consolidates its largest daily decline in a month as bulls approach the intraday high near 0.8725. In doing so, the cross-currency pair also prepares for the UK's Gross Domestic Product (GDP) for the third quarter (Q3) during a lethargic session following a tumultuous one.

The recent rise in the price might also be attributed to hawkish comments from European Central Bank (ECB) officials, the European currency's reaction to disappointing US inflation figures, and the Federal Reserve's recent softening of tone.

As reported by Reuters, Isabel Schnabel, a member of the ECB Governing Council, stated on Thursday that inflation expectations in the Eurozone remain well-anchored, but that the chances of persistently high inflation have increased. In contrast, an eight-month low reading of the US Consumer Price Index (CPI) enabled US Federal Reserve (Fed) policymakers to support easy rate hikes and sink the US Dollar, which aided the regional currency due to its competition.

On the same line may come news from the Bank of England (BOE) indicating an intention to sell gilts by the British central bank. Reuters reported on November 29 that the Bank of England will begin selling back to the market part of the 22 billion pounds ($19 billion) of long-dated and index-linked gilts it purchased last month to calm the market.

Alternatively, UK Prime Minister Rishi Sunak's confidence regarding a Brexit resolution appears to have supported EURGBP bears recently. Reuters reported on Thursday that British Prime Minister Rishi Sunak was happy with the government's efforts in resolving a long-running post-Brexit trade dispute with the European Union over Northern Ireland.

It should be highlighted that the calmer markets, following the risk-on sentiment, also allow the EURGBP pair to prepare for disappointing UK GDP data. In spite of this, it is anticipated that the UK's Q3 GDP will exhibit a QoQ decline of -0.5%, compared to 0.2% previously.