Rise in inflation follows stronger-than-expected growth data for the third quarter released on Wednesday
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The EURGBP cross remains steady around 0.8420 on Tuesday during European trading. The European Central Bank rate cut and lower growth forecasts might further weigh on the Euro in the near term, while investors await the UK and Eurozone August inflation data on Wednesday for fresh impetus. On Thursday, the Bank of England’s interest rate decision will also be in the spotlight. The ECB decided to reduce its key deposit rate a quarter point to 3.5% last week as inflation eases. It was the second cut, after the first move in June. ECB President Christine Lagarde stated during the press conference
Rise in inflation follows stronger-than-expected growth data for the third quarter released on Wednesday
The Federal Reserve has cut its key interest rate by a quarter-point in response to the steady decline in inflation.
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The ASX closed down 0.8 per cent as investors factored in the unlikely chance of getting a rate cut following fresh inflation data on Wednesday.