EUR/GBP remains on the defensive below the 0.8630 area, Eurozone GDP, UK inflation data eyed – by lilyfinancial EURGBP Crosses Macroeconomics
The UK Gross Domestic Product grew unexpectedly by 0.5% MoM in June, versus the market consensus of 0.2%.The EUR/GBP cross struggles to gain and remains on the defensive above the 0.8600 mark in the Asian session on Monday. Market players await the Eurozone Gross Domestic Product Q2 due on Wednesday. The growth numbers are expected to remain at 0.6% and 0.5% on a yearly and monthly basis, respectively.
On the UK front, the UK National Statistics reported on Friday that the UK Gross Domestic Product grew unexpectedly by 0.5% MoM in June, versus market consensus of 0.2% and a 0.1% decline in the previous month. Additionally, UK Industrial Production rose 1.8% on a monthly basis in June, above the expectation of a 0.1% increase and a 0.6% drop prior. Lastly, Manufacturing Output came in at 2.4% m/m, better than expected of 0.2% and 0.1% drop in the previous reading.
The upbeat economic data in the United Kingdom increases the likelihood that the Bank of England will hike the additional interest rate. As the UK economy is fragile and the interest rate is at a 15-year high of 5.25%, market participants are cautious about the BoE's move. The aggressive monetary policy could negatively affect the British economy. However, the UK inflation data and wage data will provide clues for the BoE's next meeting decision.
Moving on, the Eurozone Gross Domestic Product Q2 and Harmonized Index of Consumer Prices for July will be released later this week. On the UK docket, the UK Claimant Count Change for July, Consumer Price Index , and Retail Sales MoM will be due. The data will be critical for determining a clear movement for the EUR/GBP cross.
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