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Euro against UK pound

The EUR/GBP pair is pulling back from its previous session's gains and is currently trading around 0.8550 in early European trading on Monday.

Yannis Stournaras, a member of the European Central Bank (ECB) Governing Council, hinted on Sunday that there could be a total of four interest rate cuts in 2024, amounting to a 100 basis points (bps) reduction by the end of the year.

This statement has increased downward pressure on the EUR/GBP exchange rate.

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