The euro dipped yesterday, giving back some of its recent gains against the US dollar after the ECB relaxed the pace of its interest rate increases following the Federal Reserve signalled it was done with its tightening programme.
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Friday’s release of July’s UK Retail Sales figures revealed a positive rebound with a 0.5% month-on-month growth, recovering from June’s weather-related decline.
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The recent slide in EUR/USD has continued overnight, with the pair now nearing its lowest level since early August.
The Loonie was up around 0.4% and 0.29% this morning against the EUR and GBP respectively.
The pound reached a new high against the euro, with markets favouring potential rate cuts by the European Central Bank (ECB) while maintaining stability in response to the Bank of England’s (BoE) policy trajectory.
The pound saw a modest uptick against the dollar, following its most substantial monthly gain in a year. This surge was attributed to increased pressure on the U.S. currency amid rising speculations that the Federal Reserve might implement rate cuts sooner than several other central banks.
GBP/EUR reached highs not seen since February 2020 on Monday and is still rallying and testing the psychological 1.20 handle.
