4 Global Market Updates- 17 August, 2022

 

In this article, we have covered the highlights of global market news about the EUR/GBP, Eurozone, EUR/CHF, EUR/SEK, and EUR/NOK.
EUR/GBP falls below 0.8400, a nearly two-week low, due to higher-than-expected UK CPI.

On Wednesday, the EUR/GBP cross extends its substantial decline from around the 0.8500 level and is losing ground for the fourth straight day. Following the publication of higher-than-anticipated UK consumer inflation numbers, the cross continues down and is presently trading just below the 0.8400 level, or a nearly two-week low.

After the UK Office for National Statistics revealed that the headline CPI surged to the highest level since 1982 and reached 10.1% YoY in July, the British pound marginally increased. The number was much higher than the 9.4% recorded in June and the projected 9.8%, raising hopes for another rate increase by the Bank of England. This is a crucial element pushing the EUR/GBP cross lower.

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