EUR/GBP remains pressured below 0.8550 ahead of UK critical data
- EUR/GBP edges lower on Wednesday in the initial European session.
- ECB policymakers mixed views on policy, Eurozone economic readings influence the Euro outlook.
- The sterling remains firmer ahead of Inflation and PPI data.
After opening on a higher note, EUR/GBP upside momentum flattens in the early European trading hours. The pair confides in a 20-pips movement ahead of the critical macroeconomic data.
At the time of writing, EUR/GBP is trading at 0.8542, down 0.01 % for the day.
The shared currency gathers losses the earlier gains despite the upbeat comments from the European Central Bank (ECB) policymakers on Tuesday.
European Central Bank (ECB) Governing Council Member Francois Villeroy de Galhau and Executive Board Member Isabel Schnabel said there were no fears of high inflation. Investors assessed the comments as delays in further tapering and rate actions.
On the other hand, the British pound gained after the UK unemployment rate fell to 4.6% in July, the lowest level since the June-August 2020 period and as per the market expectations.
As for now, traders are waiting for the UK Inflation, Producer Price Index (PPI) data, Eurozone Industrial Production 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.
