Euro exchange rates rose at the start of the new week after European Central Bank President Christine Lagarde cemented expectations for a July interest rate hike.
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The Pound to Euro rate has lifted off early May lows but could be likely to consolidate its recent gains within roughly a 1.1771 to 1.1867 range over the coming days due in part to the prospec…
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July rate hike now very likely at the ECB with a 50bp hike now preferred, this is supportive of EUR for now but any pushback by the central bank could undermine recent gains.
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"Should that narrative persist and lead the BoE to raise rates by less than what forwards anticipate ... the currency could weaken more than our forecasts imply" - Barclays.
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The Bank of England is close to ending its interest rate hiking cycle and this will leave Pound Sterling vulnerable to further losses against the Dollar and Euro, according to one investment bank.
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ECB Governing Council member François Villeroy de Galhau expressed concern that the Euro was too weak and was therefore contributing to inflation.
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The Pound to Euro rate ended last week with a sharp rally from seven month lows but it could be likely to stall around the nearby 1.1827 level this week in which parliamentary testimonies from Bank…
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