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EUR/GBP rises toward 0.8550 as HCOB Manufacturing PMI reaches the highest since March 2023

  • EUR/GBP appreciates as Eurozone Manufacturing PMI increased to 47.3 in May, the highest reading since March 2023.
  • ECB is expected to deliver a 25-basis point rate cut on Thursday.
  • Citi/YouGov survey indicated UK public expectations for inflation for the next 12 months have declined to the lowest since July 2021.

EUR/GBP continues to rise for the third successive session, trading around 0.8530 during the European hours on Monday. The appreciation in the currency cross can be attributed to the HCOB Eurozone Manufacturing PMI, which increased to 47.3 in May from 45.7 in April, slightly below the preliminary estimate of 47.4. This is the highest reading since March 2023, indicating the slowest decline in the Eurozone manufacturing sector in over a year.

Investors have factored in the European Central Bank (ECB) to cut interest rates on Thursday, but it may signal a halt in July and slower rate reductions in the coming months. Financial markets have priced in nearly 25 basis points (bps) of ECB rate cuts in June and 57 bps of cuts in 2024, according to Reuters.

Traders will closely monitor ECB President Christine Lagarde's press conference for fresh signals on the pace of rate cuts after June. Any dovish message from the ECB is likely to weigh on the Euro and create a headwind for the EUR/GBP cross.

In the United Kingdom (UK), investors remain uncertain about the Bank of England’s (BoE) rate-cut time frame. Although UK annual headline inflation significantly dropped to 2.3% in April, BoE policymakers are still concerned about the slower progress in the disinflation process within the services sector. As per Citi/YouGov survey, UK public expectations for inflation for the next 12 months have declined to 3.1% in May, the lowest level since July 2021, per a Reuters report on Friday.

EUR/GBP

Overview
Today last price 0.8535
Today Daily Change 0.0021
Today Daily Change % 0.25
Today daily open 0.8514
 
Trends
Daily SMA20 0.8552
Daily SMA50 0.856
Daily SMA100 0.8555
Daily SMA200 0.8602
 
Levels
Previous Daily High 0.8541
Previous Daily Low 0.8501
Previous Weekly High 0.8541
Previous Weekly Low 0.8484
Previous Monthly High 0.8621
Previous Monthly Low 0.8484
Daily Fibonacci 38.2% 0.8526
Daily Fibonacci 61.8% 0.8516
Daily Pivot Point S1 0.8497
Daily Pivot Point S2 0.8479
Daily Pivot Point S3 0.8457
Daily Pivot Point R1 0.8536
Daily Pivot Point R2 0.8558
Daily Pivot Point R3 0.8576

 

 

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