The currency of the United Europe reached a new record high level against the British pound today as the estimate for the consumer inflation in Eurozone rose unexpectedly in March.
As it was reported by Eurostat today, the CPI growth in Euro area is now estimated to be at 3.5% for March, after a 3.3% growth on the price index in February. ECB targets annual inflation at 2%.
Taking in attention such a rapid price growth acceleration in Europe, ECB is now less expected to reduce the interest rates anytime soon, unlike their colleagues from the Federal Reserve and the Bank of England.
After the release of the report EUR/GBP rate spiked a new all-time high level at 0.7993 it was just a little short of 80 pence level and then rolled back to levels around 0.7950.
Unlike the Great Britain pound, the U.S. dollar stood well against the euro today and didnt move far from just above the 1.5800 level on EUR/USD.
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