EUR/GBP remains capped under 0.8300 amid Russo-Ukraine war pessimism ahead of key risk events later this week By Frank_Macro EURGBP ECB PMI
he 0.8280s, the pair is currently trading with on the day gains of about 0.2%, it was unsurprisingly unable to push back to the north of the 0.8300 level, around which key resistance in the form of late March/early April lows reside.
The negative tone to Russo-Ukraine news/commentary over the weekend and on Monday and further upside in global energy prices suggest that any rebound above 0.8300 would have been short-lived. In recent weeks, the euro has been an underperformer amid fears that a more protected conflict in Ukraine means a greater risk of stagflation in the Eurozone.
The hangover from last week’s not as hawkish as expected ECB meeting is also likely still weighing on EUR/GBP and has seen some betting on a return to annual lows in the 0.8200 area. and BoE Governor Andrew Bailey are both speaking at high-profile IMF/World Bank events this week, and their remarks will be closely scrutinised by EUR/GBP traders.survey data will also provide a timely indicator as to the performance of their respective economies this month as businesses adjust to recent geopolitical events and the subsequent impact on global supply chains and commodity markets. Proper FX flows will be back on Tuesday with the return of European market participants to the fray.
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