{"id":96999,"date":"2020-03-04T02:03:05","date_gmt":"2020-03-04T07:03:05","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=96999"},"modified":"2020-03-04T06:31:39","modified_gmt":"2020-03-04T11:31:39","slug":"102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\/","title":{"rendered":"GBP\/EUR: Pound Higher With UK & EZ PMI\u2019s In Focus"},"content":{"rendered":"

The pound<\/a> pushed higher versus the euro<\/a> on Monday in a volatile session as central bank\u2019s across the globe stepped into action. The pound versus euro<\/a> exchange rate traded a range of \u20ac1.1436 – \u20ac1.1514 before closing the session up 0.3% at \u20ac1.1471.<\/p>\n

Sterling is extending those gains in early trade on Wednesday. At 06:45 UTC, GBP\/EUR<\/a> is trading 0.2% higher at \u20ac1.1484.<\/p>\n

Will Service Sector PMI Drag Pound Lower?<\/h2>\n

The pound was on the front foot for a second straight session versus the euro, despite the Bank of England, earlier in the week pledging to take all the necessary steps to protect stability In the UK economy. This came on the back of persistent uncertainty surrounding the EU \u2013 UK trade relationship and amid growing fears of a no trade deal Brexit.<\/p>\n

Uk economic data \u2013 construction PMI helped underpin the pound. Data showed that UK construction output rose at its fastest pace in over a year in February. The IHS Markit\/ Cips construction PMI jumped to 52.6 in February, up from 48.4 in January. The figure 50 separates expansion from contraction. Adding to the optimism, new orders rose at the fastest pace since 2015 as sentiment continued to improve following Boris Johnson\u2019s win in the elections.<\/p>\n

Today service sector data will be in focus. Activity in the service sector is expected to have slowed slightly to 53.2, down from 53.3 in January. In addition to the data investors will continue to monitor the coronavirus outbreak in the UK after Ryanair and British Airways cancel more flights.<\/p>\n

Fed Cut, Will ECB Too?<\/h2>\n

The euro slipped versus the pound on Tuesday, as investors focused their attention on the European Central Bank and attempt to gauge what action the central bank will take when it meets next week.<\/p>\n

After US Federal Reserve Chair Jerome Powell made an emergency 50 basis point cut to US interest rates late yesterday and the Reserve Bank of Australia also slashed rates, investors are laser focused in central bank action. The ECB have limited options given that rates are already so low, however the market is staring to price in a 10 basis point cut.<\/p>\n

In additional to coronavirus updates there is a slew of data to keep euro investors occupied including retail sales, German retail sales, Italian GDP and eurozone service sector PMI.<\/p>\n

\n

Currencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
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The pound pushed higher versus the euro on Monday in a volatile session as central bank\u2019s across the globe stepped into action. The pound versus euro exchange rate traded a range of \u20ac1.1436 – \u20ac1.1514 before closing the session up 0.3% at \u20ac1.1471. Sterling is extending those gains in early trade on Wednesday. At 06:45 […]<\/p>\n","protected":false},"author":163946597,"featured_media":5348,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1439,1413,1395,1393,1394,2410,1391,1433,2046,1392],"class_list":{"0":"post-96999","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-boe","10":"tag-ecb","11":"tag-eur","12":"tag-euro","13":"tag-gbp","14":"tag-gbp-eur","15":"tag-pound","16":"tag-rate-cut","17":"tag-service-sector-pmi","18":"tag-sterling"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Higher With UK & EZ PMI\u2019s In Focus - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Higher With UK & EZ PMI\u2019s In Focus\",\"datePublished\":\"2020-03-04T07:03:05+00:00\",\"dateModified\":\"2020-03-04T11:31:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/\"},\"wordCount\":631,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100898-gbp-eur-brexit-weighs-on-pound.jpg\",\"keywords\":[\"boe\",\"ecb\",\"eur\",\"euro\",\"gbp\",\"gbp\\\/eur\",\"pound\",\"rate cut\",\"service sector pmi\",\"sterling\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102572-gbp-eur-pound-higher-with-uk-ez-pmis-in-focus\\\/\",\"name\":\"GBP\\\/EUR: Pound Higher With UK & EZ PMI\u2019s In Focus - 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