EUR/GBP hovers around 0.8400, remains under pressure after PMI data releases

📆 7/24/2024 9:09 AM
📰 FXStreetNews

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Crosses,Macroeconomics,Eurozone

EUR/GBP extends its losses for the third successive day, trading around 0.8400 during the European hours on Wednesday.

EUR/GBP loses ground after PMI data releases from both economies. The Eurozone Composite PMI eased to 50.1 in July, reaching a five-month low. S&P Global Composite PMI rose to 52.7 in July from the previous reading of 52.3. The EUR/GBP cross faces renewed selling pressure following the release of disappointing HCOB Purchasing Managers Index data from the Eurozone and Germany.

However, the Services PMI declined slightly to 52.4, missing the expected reading of 52.5 for July. The reduced likelihood of an August rate cut by the Bank of England is expected to support the British Pound and weaken the EUR/GBP cross. Traders are awaiting the UK PMI activity survey results, which will be released during Wednesday’s London market session.

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