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EUR/GBP lifts above 0.8450 as UK prices cool
Following on from the previous update noting the miss on UK CPI and RPI in December, the Pound has now fallen back further. The GBP/USD just now hit a session low around 1.2163, but the price action is pretty rapid right now. Where it has been a little more consistent, with the enhanced rate cut outlook following this data, has been in the EUR/GBP. That has now pushed its way above 0.8460 for the first time this year. EUR/GBP lifted to 0.8463. It is off that high now though, but the increased chance of the BOE cutting rates next month has been the driver for more upside. The EUR/GBP is right now at 0.8447
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