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Old 18-09-2023, 12:24
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Default EUR/GBP Surges Above 0.8600, Focus on Fed and BoE Choices

EUR/GBP has continued its upward trajectory, making gains for the second consecutive day and currently trading at around 0.8610 during the European trading session on Monday. This surge in the currency pair can be attributed in part to the recent statements made by Christine Lagarde, the President of the European Central Bank (ECB), which have bolstered market confidence.

Lagardeís remarks on Friday were particularly noteworthy, as she indicated that ECB policymakers had not contemplated the implementation of further rate cuts. Furthermore, she emphasized the central bankís commitment to maintaining interest rates at elevated levels for an extended period and expressed a willingness to raise rates if deemed necessary. This stance has reassured investors and traders alike, contributing to the Euroís strength.

Commerzbank economists have also weighed in on the aftermath of the ECBís recent rate decision. According to their analysis, the ECBís move to signal the suspension of rate hikes aligns with market expectations. Nevertheless, it carries a degree of risk as it hints at a potentially less hawkish stance on monetary policy, which could impact the Euroís performance in the coming days.

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