Sterling Could Rise Further on BOE-ECB Divergence -- Market Talk

Dow Jones11-20

0840 GMT - Sterling could rise further against the euro in the near-term after Wednesday's higher-than-expected U.K. inflation figures, ING's Francesco Pesole says in a note. The data add weight to the argument that the Bank of England will likely cut interest rates more gradually than the European Central Bank. The BOE is unlikely to cut rates again until February, which isn't fully priced in by markets, Pesole says. The BOE-ECB policy divergence will "hardly be closed" and ING expects EUR/GBP to fall below 0.8300 in the near term, from 0.8328 currently. However, there could be scope for the market to price in more U.K. rate cuts and weaken sterling next year, Pesole says. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

November 20, 2024 03:40 ET (08:40 GMT)

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The BOE-ECB policy divergence will \"hardly be closed\" and ING expects EUR/GBP to fall below 0.8300 in the near term, from 0.8328 currently. However, there could be scope for the market to price in more U.K. rate cuts and weaken sterling next year, Pesole says. 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