EUR/GBP trades at two-year lows in the 0.8320s on Thursday, having fallen a quarter of a percent on the day mainly due to a softer Euro (EUR).
EUR/GBP stays pressured at two-year lows on speculation the ECB could slash interest rates before year-end. Lower interest rates would reduce foreign capital inflows, weighing on the Euro. The Pound holds its ground despite weak PMI data and mildly dovish comments from BoE Governor Bailey. EUR/GBP trades at two-year lows in the 0.8320s on Thursday, having fallen a quarter of a percent on the day mainly due to a softer Euro .
Eurozone data out on Thursday failed to quell speculation. Mixed preliminary October PMIs revealed Manufacturing activity rising but still in contraction territory at 45.9 vs. 45.1 expected. The Services PMI dipped to 51.2 vs. 51.5 expected and 51.4 in September. “Today’s PMIs were more or less in line with expectations, although the employment component dropped below 50, pointing to the risk of rising unemployment ahead,” said Larsson.
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