EUR/GBP receiveddownward pressureafter the mixed UK PMI data released on Tuesday. ECB Vice President Luis de Guindos stated that the central bank plans to lower interest rates in June. UK Services PMI improved to 54.9 in April, against the expected 53.0 and 53.1 prior. The EUR/GBP cross paredits daily gains, trading lower around 0.8620 in European hours on Tuesday. After mixed Purchasing Managers Index figures from the United Kingdom and the Eurozone, the currency cross lost ground.
Services PMI also saw a notable improvement, reaching 53.3, surpassing the market's expectation of 50.6 and hitting a fresh ten-month high. The Composite Output Index for April stood at 50.5, exceeding both the expected 48.6 and March's 47.7, also reaching a ten-month high. According to Reuters, European Central Bank Vice President Luis de Guindos stated in a newspaper interview that the ECB plans to lower interest rates in June.
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Source: FXStreetNews - 🏆 14. / 72 Read more »