The EUR/GBP pair drops vertically after facing selling pressure near 0.8680 in the European session. The cross attracts sellers’ interest due to the u
pbeat United Kingdom’s Services PMI and the Eurozone’s weak consumer spending data.failed to capture the 50.0 threshold for the second time in a row but a strong recovery has improved optimism among market participants. The service activity is in the contraction phase as firms cut back on non-essential business and declining consumer spending.Fears of a slowdown in the UK economy persist as BoE Governor Andrew Bailey warned about more inflation shocks ahead.
On the Eurozone front, weaker-than-anticipated Retail Sales data for August has dented the appeal for the Euro. The annualized consumer spending contracted by 2.1% while investors forecasted a decline of 1.2% against a 1% contraction reading in July. On a monthly basis, the economic data contracted significantly by 1.2% vs. estimates and the former reading of 0.3% and 0.1% contraction respectively.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is recovering ground to near 1.0500 in the European session. The pair extends the rebound, as the US Dollar pulls back alongside the bond yields ahead of the top-tier US ADP jobs data and the ISM Services PMI. Mixed EU data fails to have any impact on the major. GBP/USD is building on the recovery gains above 1.2100 in the European session on Wednesday.
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