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Being cautious about impending inflation, the Bank of England is hesitant to stimulate the growth with a rate cut, bringing the Pound’s pairing with the Euro off record highs near 81.00. For its part, the ECB has been on hold for several months. It is probable to stay as the most recent CPI showed prices growing at 3.7%. Both countries face aggravation in growth possibilities at the hands of the US-led global hold back. A hitherto expected variance in monetary policy has now given way to regularity, locking EURGBP in a range since the trend topped out.
Tips for trading
Recent inflationary trends have been caused by rise of commodity prices, especially oil. All the outcomes suggest that the oil rally is due to US dollar weakness rather than the supply and demand for crude.
It’s wise to keep an eye on the US dollar to know where oil may be headed next, as that will surely impact the monetary policy symmetry currently driving EURGBP.
12:24
Posted on Jun-19-2008
