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EUR/GBP sets a new 2024 low at 0.8283
The price action in the EUR/GBP today has delivered a new 2024 low for the pairing a short while ago, at 0.8283. The EUR/GBP had closed in the US on Friday, at 0.8297 and that was the first time this year the pair has set a weekly close below that 0.8300 handle. The driver for this concerns the relative outlook for UK interest rates compared to those in Europe. Hence, the new 2024 low this morning comes despite the BOE lowering rates last week. That is because the outlook right now, given the inflationary impact of the UK budget, is for the ECB to out-cut the BOE in the months ahead, starting as early as next month. The EUR/GBP is currently trading at 0.8285
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