EUR/GBP TRADES WITH MILD LOSSES BELOW 0.8600 AS UK ECONOMY EXPANDS 0.6% QOQ IN Q2
- EUR/GBP edges lower to around 0.8565 in Thursday’s early European session.
- UK preliminary GDP expanded 0.6% QoQ in Q2 vs. 0.6% expected.
- The ECB is anticipated to cut more through the end of next year.
The EUR/GBP cross weakens near 0.8565 on Thursday during the early European session on Thursday. The UK GDP growth figures were in line with the consensus, which has boosted the Pound Sterling (GBP) against the Euro (EUR). The attention will shift to the UK Retail Sales report on Friday, which is projected to increase by 0.5% MoM in July.
The UK economy grew as expected in the second quarter of the year, National Statistics (ONS) showed Thursday. The country’s GDP grew by 0.6% QoQ in Q2, compared to 0.7% growth in the previous reading. The market consensus was at 0.6%. Furthermore, UK GDP expanded at an annual pace of 0.9% YoY in Q2 from a 0.3% expansion in Q1, matching the estimation of 0.9% growth. In response to the upbeat data, the Pound Sterling (GBP) attracts some buyers and creates a headwind for the EUR/GBP cross.
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