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GBP/EUR Trades Narrowly as UK-EU Tensions Grow

GBP/EUR Trades Narrowly as UK-EU Tensions Grow

ECB President Lagarde stated that the central bank would move gradually on raising interest rates if there’s uncertainty over the outlook. She added that the bank would act in a determined and sustained manner to tackle record inflation. 

The dollar posted significant gains with the Euro retreating to lows near 1.0500 before a limited rebound. The Euro was unable to gain sustained support and was close to 1.0500 on Wednesday ahead of the latest German inflation data as the dollar maintained a firm tone.

Although there are significant hurdles to overcome before any referendum, there will be increased uncertainty which also tended to curb Sterling support, especially with Brexit concerns. 

Sterling dipped below 1.2200 against the dollar amid an underlying lack of confidence with limited net Euro gains to around 0.8640. BRC shop prices increased by 3.1% in the year to June and the highest reading since 2008.

The British Pound against the Polish Zloty traded at 5.43561 this Tuesday, June 28th, increasing by 0.23 percent since the previous trading session. Looking back, over the last four weeks, GBPPLN gained 1.01 percent and GBPSEK gained 0.30 percent. 

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