EUR/GBP is marginally lower, in the 0.8520s on Wednesday as traders await key releases in the form of Purchasing Manager Indexes (PMI) – surveys gauging levels of activity in major industry sectors – for both the Eurozone and the UK, out on Thursday.
EUR/GBP edges lower ahead of potentially market-moving PMI data on Thursday. The pair has been rising since July when monetary policy expectations shifted in favor of the Euro. Recent data shows a rise in the Eurozone Current Account surplus and Construction Output but an increase in UK government borrowing. EUR/GBP is marginally lower, in the 0.
The data is overall positive for the Euro since consistent Current Account surpluses are indicative of higher exports than imports which increases net demand for a currency. Moreover, on a seasonally adjusted basis, the Current Account surplus in the Eurozone beat estimates, rising to €50.5B surplus in June when economists had expected only €37.0B, from €37.6B in May, according to data from Eurostat.
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