Is EURGBP a Buy, Sell or Hold?
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EURGBP Price
Provider: EURGBP
Verdict: EURGBP simply represents one particular FX pair – how much Sterling to convert into one Euro. EURGBP parity means 1:1. The Euro was created on December 31, 1998 when thirteen countries decided to scrap their own currencies and move into one currency. The newly created central bank of these countries using the Euro is the European Central Bank (ECB), which set the monetary policy for the Euro.
Why buy EUR over GBP:
The UK government’s latest Autumn Statement, unlike the disastrous mini budget of 2022, did not spark a market panic. The tax cuts were viewed moderately positive by investors. Sterling even enjoyed a little bounce. But OBR dampened sentiment with downbeat forecasts of UK’s GDP. Meanwhile, the cost-of-living crisis is still plaguing the UK economy. Choppy waters ahead. 24/11/23
Pros
- Eurozone economy to modestly outperform UK
- FX in a multi-week uptrend
- Sticky inflation in UK
Cons
- GBP economy may rebound
- UK interest rates could correct from highs
- Rate medium-term overbought (major resistance at 0.90)
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Outlook
(3)
Overall
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