EUR/GBP stays above 0.8450 due to heightened expectations of BoE’s rate cut in August

EUR/GBP gains ground as the BoE dovish pause increased expectations for a rate cut in August. The Euro could struggle due to uncertainties surrounding the outcome of a snap election in France. The headline German IFO Business Climate Index fell to 88.6 in June from 89.3 in May. The British Pound remains under pressure following the Bank of England's dovish pause last week, which increased expectations for an interest rate cut at the August monetary policy meeting.

The EUR/GBP cross may limit its upside as the Euro could struggle due to uncertainties surrounding the outcome of a snap election in France, fueling concerns that a new government might worsen the fiscal situation in the Eurozone's second-largest economy. On Monday, the headline German IFO Business Climate Index fell to 88.6 in June from 89.3 in May, coming in below the market expectation of 89.7. The Current Assessment Index remained unchanged at 88.

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EUR/GBP IG Client Sentiment: Our data shows traders are now at their most net-long EUR/GBP since May 24 when EUR/GBP traded near 0.85.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/GBP-bearish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »

EUR/GBP exhibits volatility contraction ahead of Eurozone InflationThe EUR/GBP pair trades inside Wednesday’s trading range in Thursday’s session, reflecting indecisiveness among market participants ahead of the release of the preliminary Eurozone inflation data for May, which will be published on Friday.
Source: FXStreetNews - 🏆 14. / 72 Read more »