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Euro fails at 0.8610 versus pound as oil and BoE hawkishness weigh

FXStreet notes Brent crude is above $98.00, up from Friday lows near 96.40, adding pressure to Eurozone conditions as the BoE leans hawkish.

Reported · Written up by our desk · Major Pairs

The euro failed to clear the 0.8610 resistance level against the British pound on Monday, pushing EUR/GBP back toward session lows around 0.8690, according to FXStreet.

FXStreet attributed the weakness to fragile market sentiment tied to the US refusal of Tehran’s ceasefire proposals, an uptick in oil prices, and a more hawkish stance from the Bank of England.

The outlet also pointed to comments from BoE Governor Andrew Bailey, who said it is becoming increasingly hard to keep interest rates on hold amid rising price pressures.

FXStreet added that the Middle East conflict remains unpredictable after the latest proposal to halt hostilities and reopen the Strait of Hormuz was rejected, while Brent crude moved above $98.00, up from Friday’s lows around 96.40.

Latest closeWTI crude $92.44 ▼2.3%|Brent $97.47 ▼8.6%

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