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Forex News - EUR/GBP remains poised to extend losses toward 0.8550 ahead of critical UK data

  • EUR/GBP continues to trade lower following the previous momentum.
  • The Euro remains muted on downbeat economic data.
  • The sterling gains on Brexit optimism and BOE’s hawkish view.

EUR/GBP prints some minor gains in the Asian trading hours on Thursday. The pair confides in a very narrow trade band with no meaningful traction.

At the time of writing, EUR/GBP is trading at 0.8464, up 0.07 % for the day.

The shared currency continues to decline against the pound after the Bank of England’s (BOE) hawkish stance in its latest policy meeting.

The ZEW indicator of Economic Sentiment for Germany fell to 40.4 in August, much below the market forecast of 56.7.

Meanwhile, investors anticipated that the European Central Bank( ECB) will remain dovish after the central bank decided to keep its interest rate at record low levels for an even longer time to meet its inflation target of 2%.

On the other hand, the sterling gained traction after Lord and former Tory MEP Daniel Hannan said that Britain has successfully managed the vaccine purchase program while the EU messed it up quite badly, in its first real test of post-Brexit challenge.

Investors cheered up the Bank of England (BOE) inflation projections and eventual rate hikes in 2022.
As for now, investors are waiting for the critical UK data: Balance of trade, Business Investment, and GDP Growth Rate to gauge the market sentiment.

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