EUR/GBP moves downward to near 0.8540 during the European trading hours on Monday.
EUR/GBP continues to lose ground despite improved Eurozone manufacturing data. Eurozone Industrial Production rose by 0.8% in February, swinging from a 3.0% decrease in January. The Pound Sterling might have received support from the hawkish remarks from BoE’s policymaker. The Euro failed to react to the improved data from the Eurozone ’s manufacturing sector. The seasonally adjusted Industrial Production increased by 0.8% MoM in February, swinging from the previous decline of 3.0%.
75% by the end of 2024, down from the current rate of 5.25%. This marks a shift from the previous expectation of a drop to 4.5% by December. Additionally, the hawkish remarks from BoE’s policymaker, Megan Greene have supported the British Pound , which might have contributed to pressure on the EUR/GBP cross. She emphasized that rate cuts in the United Kingdom should still be considered distant, pointing to a greater risk of persistent inflation in the country.
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