Snapshot: EUR/GBP trades near 0.8530, little changed, as markets digest the BoE’s reluctance to cut rates aggressively. Focus remains on the UK labour market data due at 07:00 London. Claimant count change and Average Earnings Index will be key.
- Watch for a break below 0.8520, which could trigger further downside.
- Upside risk: A significant beat in UK earnings data could push GBP higher, weighing on EUR/GBP.
Bias into NY: Bearish EUR/GBP. The BoE’s higher-for-longer stance, underscored by the 8-1 vote at the last meeting, continues to support Sterling; broader USD strength adds a mild headwind.