EUR/GBP lacks upside momentum near 0.8600 as markets brace for BoE with mixed feelings – by anilpanchal7 EURGBP RiskAppetite BOE ECB Crosses
data while justifying the UK’s economic fears to post the biggest daily jump in two weeks the previous day. hawks as they struggle to tame the heavy inflation amid downbeat economic activities and workforce problems at home. Also challenging the British Pound is the latest disappointment for the ruling Tory Party, as Rishi Sunak’s team lost some of the key seats in the by-elections.
On the other hand, the German Unemployment Rate eased to 5.6% for June versus 5.7% expected and prior whereas the final prints of HCOB Manufacturing PMI for July confirmed a 38.8 figure. On the same line, the last readings of Eurozone HCOB Manufacturing also matched initial forecasts of 42.7. It should be noted that the European Central Bank’s “meeting-by-meeting” approach while announcing a 0.25% rate hike in the last week prod the EUR/GBP bulls.Meeting, up for release on Thursday, challenges the pair traders amid mixed feelings even if the UK central bank is likely to announce a 0.25% rate hike. In a case where the “Old Lady”, as the BoE is casually termed, pauses the rate increase or sounds dovish, the EUR/GBP will have further upside to trace.
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