EUR/GBP hovers below 0.8600 ahead of UK data
- EUR/GBP edges lower in the Asian session on Tuesday.
- The Euro gains momentum on mixed economic data, dollar weakness.
- The sterling remains on the backfoot amid Brexit chaos.
After consolidating gains in the previous week, EUR/GBP edges lower in the Asian session. The pair confides in a narrow trade band ahead of crucial fundamental data.
At the time of writing, EUR/GBP is trading at 0.8573, down 0.06 % for the day.
The shared currency gathers momentum against the pound as the data released in the earlier week showed, EU private sector activity growth stood at a 15 year high in August, and manufacturing expanded the least due to supply-chain disruptions.
In the recent data, the Consumer Confidence Indicator fell to -5.3 in August, down from -4.4 in the previous month.
It is worth noting that S&P 500 Futures were trading up at 4,528.79 with 0.43% gains.
On the other hand, the British pound lost to the single currency as the Brexit chaos continue to linger on. In the latest development, business sentiment got hurt after the UK government rejected the plea to loosen visa rules for lorry drivers amid supply chain disruptions.
As for now, traders are waiting for the EU Core Inflation Rate, and the Bank of England's (BOE) Consumer Credit data to gauge the market sentiment.
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.
