EUR/GBP gathers strength to capture 0.8880 as ECB Lagarde reiterates inflation concerns – by Sagar_Dua24 EURGBP ECB BOE Inflation PPI
After a higher-than-anticipated release of the HICP figures by Germany, Spain, and France, preliminary Eurozone HICP has followed similar footprints, landed at 8.5%, surpassed the consensus of 8.2% but remained lower than the prior release of 8.6%.is reiterating the need for bigger rate hikes to scale down the sticky inflation. ECB Lagarde cited “The case for a 50 bps rate hike this month is still on the table as inflation is still too high.
Analysts at Goldman Sachs have revised their guidance for ECB’s interest rates to the upside. The ECB is to raise its rates by 50 basis points in May, compared to the 25 bps rate. A rate hike of 50 bps for March monetary policy has already been announced by ECB President Christine . The investment banking firm forecasts a peak for the ECB rates at 3.75% by June versus the previous forecast of 3.50%.Retail Sales data will be keenly watched. The economic data is expected to expand by 1.9% against a contraction of 2.8% released earlier.Bank of EnglandThe latest survey conducted by the BoE decision maker panel showed on Thursday that “businesses’ expectations for their own-price inflation declined in February,” as reported by Reuters.
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