EUR/GBP remains presurized below 0.8570 ahead of EU inflation data
- EUR/GBP edges lower on Thursday.
- EUR loosen its grip post subdued economic data, inflation data eyed.
- GBP gains under check on delayed economic reopening.
EUR/GBP extends the previous day’s decline in the European session. The pair refreshes the daily lows near the 0.8560 level.
At the time of writing, the EUR/GBP pair trades at 0.8569, down 0.04% for the day.
The Euro is under selling pressure on mixed economic data released on Wednesday. The Hourly Labor costs rose 1.5% in Q1. The Trade Surplus widened to € 10.9 billion in April, from € 2.3 billion, amid a sharp recovery in the global demand. The Eurozone Industrial Production jumped 0.8% in April, much above the market expectations at 0.4%.
Meanwhile, ECB Chief Christine Lagarde said that the monetary and fiscal stimulus will be continued until clear signs of a solid and sustainable economic recovery are visible. The comments challenge the sentiment around the shared currency.
On the other hand, the British pound shows resilience after experts believed that the UK economy continues to grow, despite the delay in the re-opening of the economy.
Traders are bracing for the Eurozone Core Inflation Rate and Construction Output 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.
