EUR/GBP approaches monthly high near 0.8600 post ECB minutes
- EUR/GBP edges higher in the early European session on Friday.
- The Euro gains momentum on hawkish ECB, mixed data.
- The sterling remains on the backfoot amid concerns of economic slowdown due to Brexit induced supply-chain disruptions.
EUR/GBP edges higher on the last trading day of the week in the early European trading hours. The pair followed the previous day’s gains and extend the upside to trade nearly daily highs.
At the time of writing, EUR/GBP is trading at 0.8585, up 0.12 % for the day.
The shared currency gathers momentum against the pound after the European Central Bank ( ECB) latest minutes of a meeting revealed that there was an extensive debate over the new guidance on interest rates and revisions to align with the board members hawkish views.
Meanwhile, ECB Vice President Luis de Guindos signaled that the central bank could revise it macroeconomic projections again in September after recent upbeat business activity in Q3.
It is worth noting that S&P 500 Futures were trading down at 4,470 with 0.58% losses.
On the other hand, the British pound remained under pressure as the Brexit chaos continue to linger on the economy. A monthly reading of private-sector economic growth weakened to a six-month low as supply constraints dampened service and manufacturing sector recovery.
As for now, the market dynamics continue to influence the pair’s performance in the near future.
EUR/GBP additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
