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4 Aug 2020

EUR/GBP climbs to 2-day highs beyond 0.90

  • EUR/GBP moves higher to 2-day highs near 0.9040 on Tuesday.
  • The sterling loses ground on the back of further USD-buying.
  • UK’s Services PMI, BoE meeting next of relevance in the docket.

The now better tone around the greenback is forcing both the sterling and the European currency to give away initial gains, prompting EUR/GBP to climb to fresh weekly peaks in the 0.9040 region.

EUR/GBP looks to data, BoE

EUR/GBP has managed to regain composure around recent lows in the 0.8980 region, retaking the key 0.90 barrier and beyond in a context of the continuation of the dollar’s recovery following July’s steep sell-off.

In fact, the quid is so far suffering the brunt of the dollar’s rebound, therefore underpinning the upside momentum in the cross. Other than that, market participants keep monitoring the progress of the economic re-opening on both sides of the Channel, while EU-UK trade effervescence remains absent (postponed?).

Earlier in the session EMU’s Producer Prices rose 0.7% from a month earlier in June and contracted 3.7% over the last twelve months. In the UK, the always-relevant Services PMI is due on Wednesday ahead of the BoE event on Thursday followed by Governor A.Bailey’s press conference.

EUR/GBP key levels

The cross is gaining 0.38% at 0.9029 and faces the next hurdle at 0.9148 (monthly high Jul.27) followed by 0.9175 (monthly high Jun.21) and finally 0.9324 (2019 high Aug.12). On the downside, a breach of 0.8980 (weekly low Jul.31) would expose 0.8937 (monthly low Jul.10) and then 0.8864 (monthly low Jun.9).

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