The EUR/GBP cross trades on a softer note near 0.8590 during the early European trading hours on Tuesday.
EUR/GBP weakens to 0.8590 following the UK employment data on Tuesday. The UK Unemployment Rate climbed to 4.3% in the three months to March from 4.2%, as expected. The markets are largely pricing in the ECB rate cut as early as next month, with two possible further cuts this year. The cross faces rejection after retracing from its nearly 0.8600 psychological level due to mixed UK employment data.
On the Euro front, the European Central Bank kept rates on hold at a record high at its meeting last month, as widely expected. The ECB policymakers hinted that a June rate cut was much in consideration as inflation measures continued to decline and wage growth eased. Investors will take more cues from the advanced Eurozone Gross Domestic Product for Q1, due on Wednesday about the economic outlook.
Crosses Macroeconomics Employment Unitedkingdom
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EUR/GBP IG Client Sentiment: Our data shows traders are now net-short EUR/GBP for the first time since Apr 24, 2024 when EUR/GBP traded near 0.86.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bullish contrarian trading bias.
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