- GBP to EUR bullish momentum stalls
- Focus shifts to Eurozone GDP and CPI inflation data
- Reopening of UK economy positive impact on the Pound
The Pound Euro (GBP/EUR) exchange rate is indecisive around the multi-month high of 1.1765 as prices have gone back and forth for the past two days. The GBP to EUR pair was seen trading on Thursday within a trading range of 1.1764 and 1.1737, settling slightly higher 0.03% at 1.1746.
At 07:10 UTC, GBP/EUR trades down -0.07% at 1.1735.
The British Pound continues to be supported and to outperform across the FX board. The reopening of the UK economy, Brexit optimism, and a softer greenback helped and generally a buoyant investor sentiment will continue to support the GBP.
Key Economic Data Ahead
The gross domestic product contracted in the Euro area for two consecutive quarters. However, based on the market consensus, the GDP in the Eurozone is expected to grow 1.5% versus -0.3% previous reading, and recover from a technical recession.
An upbeat data may help the Euro to stage a recovery against its counterpart GBP.
At the same time, the data for the inflation in the Euro area as measured by the Consumer Price Index (CPI) is expected to hit the central bank’s new inflation target of 2%. Month-to-month inflation is expected to slow down to 0.8% compared to 0.9% previous reading.
On the other side, there are no major risk events scheduled on the UK economic calendar.