The EUR/GBP turned south on Tuesday after Services PMIs from the Eurozone from August disappointed investors. On the other hand, the British ones came
July’s EU PPI came in higher than expected, while Services PMI from August came in soft.
British PMI figures from the same month came in better than expected but remained in contraction territory.The EUR/GBP turned south on Tuesday after Services PMIs from the from August disappointed investors. On the other hand, the British ones came in higher than expected, benefiting the Pound, while hawkish bets on the Bank of England remain steady and provide further cushion to the GBP. exceeded expectations in July. The figure came in at -0.5%, higher than the expected decline of -0.6 and beat the previous -0.4%. In addition, the EU S&P Global and Hamburg Commercial Bank Services PMI missed the consensus in August at 47.
On the British Side, Global/CIPS Composite PMI from August exceeded expectations and rose to 48.6, higher than the expected figure of 47.9 but lower than the previous 47.9. Still, it remains in contraction territory. Likewise, the Services survey came in at 49.5, higher than the expected figure of 48.7 and lower than the previous 48.7. WIRP suggest that investors still discount that the Upon analyzing the daily chart, bearish bias is evident for the short term for the EUR/GBP cross.
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