EUR/GBP remains pressurized below 0.8550 ahead of EU Retail Sales
- EUR/GBP extends the previous week’s last moment upside momentum.
- The Euro remains muted despite the upbeat economic data, Retails sales eyed.
- The sterling outperforms on the anticipation of BOE’s alternation of the current monetary policy stance in the next meeting.
EUR/GBP prints some minor gains in the Asian trading hours on Monday. The pair manages to rebounds from the previous week’s sell-off below 0.8500.
At the time of writing, EUR/GBP is trading at 0.8538 up 0.02% for the day.
The single currency managed to hold the gains of the last trading day of the previous week. The Eurozone Unemployment Rate declined 7.7% in June, below the market expectations of 7.9%.
The Euro Area economy rose to 2.0% in June on a quarterly basis, beating the market expectations of 1.5% growth, whereas the Annual Inflation rate jumped 2.2% in July from 1.9% in the previous month.
On the other hand, the sterling gained some traction on the optimism of falling coronavirus infections in the UK and on the market assumption that the Bank of England (BOE) would be the first developed nation central bank to raise interest rates in the light of rising inflation and economic recovery.
As for now, investors await the release of the Euro Retail Sales data and the UK Markit manufacturing PMI to take fresh trading impetus.
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.
