The United Kingdom and euro area are scheduled to release third-quarter growth estimates Thursday, offering a fresh measure of both economies after the euro traded within a narrow range against the pound Monday.
Investing.com’s daily EUR/GBP record lists a Monday close of 0.8346 pounds per euro, with a low of 0.8337 and a high of 0.8348. The exchange rate expresses the sterling value of one euro. EconoTimes previously reported on the euro’s decline against sterling ahead of the Bank of England’s November decision.
The Bank of England raised Bank Rate by 0.25 percentage points to 4% on Nov. 4, with eight members of its Monetary Policy Committee backing the increase. One member preferred a 0.50-percentage-point rise to 4.25%. The European Central Bank held its deposit rate at 2.50% on Oct. 29, leaving a 1.50-percentage-point difference between the two published rates.
Inflation figures add context to those decisions. The Office for National Statistics reported that UK consumer prices rose 3.5% over the 12 months through September, up from 3.1% in August. Eurostat’s flash estimate put euro area inflation at 4% in October, compared with 3.8% a month earlier.
The Bank of England expects inflation to reach about 5% by mid-2027. It said higher global energy prices linked to prolonged conflict overseas were adding to inflation uncertainty and would increase energy costs for households and businesses. The European Central Bank said future rate decisions would depend on economic and financial data, underlying inflation and how monetary policy affects the economy.
The Office for National Statistics has scheduled its first estimate of UK GDP for July through September for 2 a.m. ET (7 a.m. GMT) Thursday, Nov. 12. Eurostat’s calendar lists a third-quarter flash estimate of euro area GDP and employment for the same day. The Bank of England’s next rate decision is scheduled for Dec. 17.
