EUR/GBP gives back early gains on Friday as traders sell the Euro (EUR) following the release of Eurozone Gross Domestic Product (GDP) data which showed a downward revision in the second quarter from the initial estimate.
EUR/GBP falls back from the day’s highs after Eurozone GDP growth for Q2 is revised down. The data increases the chances the ECB will cut interest rates in September, weighing on the Euro. EUR/GBP is capped because of Sterling strength due to expectations the BoE will cut rates more slowly amid stronger growth.
The slowdown in growth also plays into fears that too-high interest rates are stifling growth, reinforcing comments from ECB Executive Board member Piero Cipollone, who said, in an interview with a French newspaper this week that there is a real risk that stance could become too restrictive.
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