EUR/GBP drops to multi-day low, eyes 0.8600 mark on weaker Euro Zone PMIs – by hareshmenghani EURGBP PMI ECB BOE Currencies
The shared currency takes a hit following the rather disappointing release of Eurozone PMI prints, which, in turn, is seen as a key factor behind the latest leg of a sudden drop for the EUR/GBP cross. In fact, S&P Global's preliminary report pointed to a sharp slowdown in business activity in France and Germany - the Eurozone's two largest economies.
Traders might also refrain from placing aggressive bets and wait on the sidelines ahead of the crucialpolicy meeting on Thursday. In the meantime, the release of the flash version of the UK PMI prints for July might influence the British Pound and provide some impetus to the EUR/GBP cross. Nevertheless, spot prices have now retreated nearly 100 pips from a nearly one-month high touched last week and a convincing break below the 0.
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