EUR/GBP trades lower as French election risks and weak German data weigh

EUR/GBP loses ground on the risks to the EU of a far-right victory in Sunday’s French elections. Weak German IFO data further weighs whilst the Pound gains some support from firm Retail Sales data. Pound Sterling manages to exorcize some of the dovishness from the BoE’s June meeting.

This weaker German data puts more pressure on the Euro, further dragging the EUR/GBP cross lower. Traders will be watching preliminary inflation data for June in several major European economies, including France, Spain, and Italy, published on Friday, for hints of the trajectory for interest rates in Europe. ¡ At its meeting in June, the European Central Bank cut its key policy interest rate by 0.25% to 4.25%, however, further rate cuts are in the balance.

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