- GBP to EUR pair extends consolidation into fourth straight day
- Euro eyes consumer price inflation and retail sales data
- Risk aversion weighs on markets
- UK’s blue-chip index slipped on Tuesday
The Pound Euro (GBP/EUR) exchange rate extends consolidation into the fourth straight day reflecting quiet mode ahead of Friday’s NFP data. The GBP to EUR pair rose 0.18% in the previous session settling on Tuesday at €1.1963, after trading in a range between €1.1904 – €1.1990.
At 07:16UTC, GBP/EUR trades +0.13% at €1.1978.
Risk aversion keeps risk-sensitive currencies like the Euro depressed. The EUR headed further to the south and made a new intraday low against the Pound showing little intent to rebound.
Elsewhere, UK’s FTSE 100 edged lower on Tuesday tracking the risk aversion mood on renewed US–China geopolitical tensions. The UK’s domestic index settled lower -0.18% at 7398 for the second consecutive day.
On the data front, a series of PMIs by S&P Global will give more clear direction to the FX exchange rate. In the Eurozone, the composite PMI is seen pointing to a contraction in manufacturing production for the second consecutive month.
Meanwhile, the Producer Price Index (PPI) is expected to rise by 1% in June compared with a growth of 0.7% in May. Also due out is the retail sales for the month of June. Year-over-year, retail sales in the European Union are seen falling by -1.7% versus 0.2% previous reading.
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