4 Global Market Updates- 2 February, 2023

 

In this article, we have covered the highlights of global market news about the EUR/GBP, NZD/USD, USD/JPY and GBP/USD.

EUR/GBP is nearing its highest level since September, slightly around 0.8900 ahead of the BoE/ECB.

The EUR/GBP cross gains momentum for the fourth day in a row, reaching the area of 0.8900 on Thursday, at its highest since late September.

Expectations of future interest rate increases by the European Central Bank (ECB) in the following months continue to boost the common currency. The recent hawkish remarks by numerous ECB officials, which serve as a tailwind for the EUR/GBP cross, confirmed the bets. The relative underperformance of the pound is also likely attributable to rumors that the Bank of England (BoE) is approaching the end of its cycle of rate hikes.

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