EUR/GBP continues to rise for the third successive session, trading around 0.8530 during the European hours on Monday.
EUR/GBP appreciates as Eurozone Manufacturing PMI increased to 47.3 in May, the highest reading since March 2023. ECB is expected to deliver a 25-basis point rate cut on Thursday. Citi/YouGov survey indicated UK public expectations for inflation for the next 12 months have declined to the lowest since July 2021. The appreciation in the currency cross can be attributed to the HCOB Eurozone Manufacturing PMI, which increased to 47.3 in May from 45.
Any dovish message from the ECB is likely to weigh on the Euro and create a headwind for the EUR/GBP cross. In the United Kingdom , investors remain uncertain about the Bank of England’s rate-cut time frame. Although UK annual headline inflation significantly dropped to 2.3% in April, BoE policymakers are still concerned about the slower progress in the disinflation process within the services sector.
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