EUR/GBP rebounds from weekly lows to the 0.8800 area – by MSalordFX EURGBP Currencies Crosses
Busy weekin Spain rose to 5.8% in January from 5.5% in December and above the market consensus of 4.8%. It was the first acceleration since July supporting expectations of a hawkish European Central Bank . More Euro Zone inflation data is due on Tuesday.
In Germany, the economy contracted 0.4% during the fourth quarter, against expectations of a flat reading, according to preliminary data. On the positive side, Consumer Confidence in the Eurozone improved to -20.9 in January, while the Economic Sentiment also ticked higher to 99.9. After the numbers, Eurozone government bond yields rose, supporting the Euro across the board. The German 10-year yield rose to 2.32%, the highest since January 6.will have its monetary policy meeting. A 50 basis points rate hike is priced in. The statement and clues about the future path will be the critical factors of the meeting.
In the UK, UK Prime minister Rishi Sunak said he will not raise taxes in order to fund pay raises for Health Service workers. During the weekend, Sunak fired Conservative Party chairman Nadhim Zahawi over a tax row.is expected to raise its key interest rate by 50 basis points on Thursday, although many analysts expected a smaller increase. There is a division at the Monetary Policy Committee that will likely continue this week.
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