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EUR/GBP slides to a new 2024 low
As noted here on Friday, the risks for the EUR/GBP were skewed to the downside, once it took out the 0.8500 handle and headed towards a new low for the year. Well, the Euro later closed in the US below that 0.8500 handle (0.8492) and it has fallen harder since the Asian opening last night. The EUR/GBP has dropped close to 0.8450 today and that means it has set a new 2024 low a moment ago actually, at 0.8454. That is also the lowest price for the pair since September 2022. The EU election results have done the Euro no favours and neither has the cut in the ECB benchmark interest rates, further supporting the Pound, due to the favourable interest rate differential. For the time being the Pound seems entirely unperturbed by any UK election uncertainty. If anything it seems like the currency is welcoming the prospect of a new Labour government, as that is surely what it will get. The EUR/GBP is currently trading at 0.8454
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