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Market Analysis

EUR/GBP Gains as ECB’s Wunsch Comments Ease Rate Cut Concerns

Dupoin UK · 29 Oct 20241.2K Views

The EUR/GBP cross is trading higher around 0.8340 on Tuesday morning in the European session. The Euro (EUR) gained against the British Pound (GBP) following remarks from European Central Bank (ECB) policymaker Pierre Wunsch.

Investors are also focusing on the upcoming preliminary third-quarter Gross Domestic Product (GDP) data for Germany and the Eurozone, expected on Wednesday.

ECB officials remain divided over the scope of potential rate reductions, with Belgian central bank chief Pierre Wunsch indicating on Monday that there is no immediate need for the central bank to accelerate rate cuts.

Meanwhile, money markets reflect a nearly 50% probability of a half-point rate reduction by the ECB in December.

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Paraphrasing text from “FX Street" all rights reserved by the original author.

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