EUR/GBP slides to 0.8600, multi-day low after weaker German IFO survey – by hareshmenghani EURGBP Recession ECB BOE Currencies
els just above the 0.8700 mark touched last week. The downward trajectory remains uninterrupted through the early part of the European session and drags spot prices to a nearly one-week low in the last hour, which bears now awaiting a break below the 0.8600 round figure before placing fresh bets.
Concerns about the worsening economic downturn in Euro Zone turn out to be a key factor behind the shared currency's relative underperformance, which, in turn, is seen exerting downward pressure on the EUR/GBP cross. The market worries resurfaced following the disappointing release of the Euro Zone PMI prints on Monday, which showed business activity shrank much more than expected in July and reignited recession fears.
The common currency is further undermined by Tuesday's weaker-than-expected release of the German IFO Business Climate Index, which declined to 87.3 in July as compared to consensus estimates for a fall to 88.0 from the previous month's 88.6.
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