The Euro to Pound Sterling (EUR/GBP) exchange rate strengthened by around 0.65% on Monday morning.
Although European data printed mostly negatively on Monday, the common currency strengthened versus the majority of its most traded currency rivals. This can be attributed to speculation that the Swiss National Bank (SNB) will intervene in the markets in order to devalue the Franc.
Additionally, speculation that the SNB will maintain an unofficial Euro cap aided the single currency uptrend.
The Pound Sterling, conversely, softened despite a better-than-expected headline manufacturing figure. This is as a result of traders speculating that Thursday’s Bank of England (BoE) rate decision will show yet more inaction from dovish policymakers.
The Euro to Pound Sterling (EUR/GBP) exchange rate is currently trending in the region of 0.7542.
Read more Click here / www.trade4x.net
Although European data printed mostly negatively on Monday, the common currency strengthened versus the majority of its most traded currency rivals. This can be attributed to speculation that the Swiss National Bank (SNB) will intervene in the markets in order to devalue the Franc.
Additionally, speculation that the SNB will maintain an unofficial Euro cap aided the single currency uptrend.
The Pound Sterling, conversely, softened despite a better-than-expected headline manufacturing figure. This is as a result of traders speculating that Thursday’s Bank of England (BoE) rate decision will show yet more inaction from dovish policymakers.
The Euro to Pound Sterling (EUR/GBP) exchange rate is currently trending in the region of 0.7542.
Euro (EUR) Exchange Rate Gains despite Poor Data
European manufacturing data printed poorly on Monday, but it had minimal impact on the shared currency. The Italian Manufacturing PMI failed to surpass the 50 mark which separates growth from contraction, although it did improve upon the previous figure.Read more Click here / www.trade4x.net
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