EUR/GBP holds comfortably above 0.8300, upside potential seems limited amid Ukraine crisis By HareshMenghani EURGBP Ukraine ECB BOE Currencies
The cross built on the overnight strong recovery move from the 0.8200 mark, or the lowest level since June 2016 and gained some follow-through traction for the second successive day on Tuesday. Reports indicated that the European Union may consider massive joint bond sales to finance energy and defence spending to cope with the fallout from the Russia-Ukraine war.
The Eurostat confirmed its earlier estimates and reported that the region's economy expanded by 0.3% on a quarterly basis and by a 4.6% annual rate during the October-December period. Adding to this, German industrial production surpassed expectations and increased by 2.7% MoM in January despite supply-chain constraints. The previous month's reading was also revised higher and showed a 1.1% rise in the total industrial output as compared to the 0.3% decline estimated.