The euro is steady near recent highs against the dollar and gained ground on sterling after the GDP miss. Eurozone growth actually outpaced the UK in the fourth quarter, inflation has cooled to 1.7% – comfortably below target – and the ECB looks in no rush to move. The departure of Bank of France Governor Villeroy de Galhau in June removes one of the more dovish voices from the governing council, but for now the single currency is benefiting from being the calm one in the room.
GBP/EUR: the past year
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