EUR/GBP HOLDS GAINS ABOVE 0.8400 AHEAD OF KEY ECONOMIC DATA FROM EUROZONE
- EUR/GBP gains ground ahead of the release of GDP data from the Eurozone and Germany.
- Germany’s CPI is forecasted to rise by 0.2% MoM in July, compared to June’s 0.1% reading.
- UK Chancellor Rachel Reeves delivered a series of spending cuts in her first Parliament statement.
EUR/GBP halts two days of losses, trading around 0.8420 during the Asian session on Tuesday. The Euro appreciates ahead of Gross Domestic Product (GDP) data from the Eurozone and Germany for the second quarter on Tuesday. Germany will also release the Consumer Price Index (CPI) for July.
German GDP growth for Q2 is expected to ease to 0.1% quarter-over-quarter, down from 0.2% in the previous period. Annualized Eurozone GDP growth is forecasted to increase to 0.6%, up from 0.4%, though the quarter-over-quarter figure for the second quarter is anticipated to dip to 0.2% from 0.3%. Additionally, the German Consumer Price Index (CPI) is projected to rise by 0.2% month-over-month in July, compared to 0.1% previously.
In the United Kingdom, Chancellor Rachel Reeves delivered her first statement in Parliament on Monday, presenting a series of spending cuts and project delays following an audit of public finances. Reeves also announced that the Budget would be presented on October 30 and would involve “difficult decisions” regarding tax, spending, and welfare, according to the BBC.
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