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Euro slides versus pound as it stalls below 0.8500
The euro softens to 0.8495 per pound after failing to hold last week’s rebound from 13-month lows at 0.8455.
The euro is trimming gains against the British pound on Monday, easing to 0.8495 as a rebound from 13-month lows near 0.8455 failed to consolidate above the 0.8500 area, FXStreet reported.
Sterling has held a steadier tone ahead of UK leadership changes, with attention on the nomination of Andy Burnham as the incoming prime minister and his pledge of a 10-year economic plan, according to FXStreet.
Market participants are also looking toward the identities of the UK cabinet members, while the euro faces pressure, FXStreet said, citing heightened hostilities in Iran and higher oil prices.
FXStreet added that the European Central Bank is widely expected to keep rates unchanged at its meeting later this week, and that ECB President Christine Lagarde may face questions about whether a rate hike could come in September.