EUR/GBP bears return to the table after a four-day holiday as the cross-currency pair reverses from the intraday high heading into Tuesday’s European
In doing so, the EUR/GBP pair ignores downbeat inflation signals from the UK shops amid the downbeat German consumer sentiment gauge. In doing so, the quote portrays a U-turn from the 0.8585 DMA confluence stated in the technicalGermany’s GfK Consumer Confidence Survey gauge dropped to -25.5 in September versus -24.3 expected and -24.4 prior.
Earlier in the day, the British Retail Consortium’s annual shop price inflation slumped to the lowest level since October 2022 while flashing 6.9% mark for August, versus 7.6% reported in July. It’s worth noting that Germany’s highly influential IFO institute published a survey of exporters and cited the deteriorating morale in August due to weak global demand, which in turn prod the Euro bulls the previous day. The poll also mentioned, “More and more companies are also complaining about being less able to compete at the global level.”
However, French Finance Minister Bruno Le Maire ruled out any reduction in European Central Bank interest rates in the coming months and put a floor under the bloc’s currency. On the other hand, the UK markets were closed on Monday due to the Summer Bank Holiday but the hawkish comments from Bank of England Deputy Governor Ben Broadbent seem to keep the British Pound buyers hopeful of late.
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