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EUR/GBP fell to its lowest level since May 22nd in early trading on Friday. The pair has been in a steady downtrend since the multi-year highs reached in August.
The British Pound was boosted by upbeat comments from European Commission President Jean-Claude Juncker on Thursday. Speaking to Sky News, Mr. Juncker stated “we can have a deal” while also softening his stance on the Irish backstop.
Meanwhile, the Euro has faced pressure from a weak Eurozone economy and rising concerns over the US/China trade war. Investors look anxiously to the release of German Flash Manufacturing PMI on Monday. Further contraction in Germany’s factory sector will stoke fears over the Eurozone falling into recession.
The week is set to be an active one for Sterling also. The UK Supreme Court is expected to rule early next week on whether the parliament shutdown was unlawful and Bank of England Governor Mark Carney is scheduled to speak on Thursday.
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