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Pound strengthens versus euro after hawkish BoE comments

EUR/GBP was around 0.8564, down 0.40% at the time, as traders weighed expectations for additional ECB tightening.

Reported · Written up by our desk · Major Pairs

FXStreet reported that the EUR/GBP cross edged lower on Monday as traders bought the British pound following recent weakness and hawkish remarks from Bank of England Deputy Governor Dave Ramsden.

The outlet said the pair was trading around 0.8564 at the time of writing, down 0.40%, with growth concerns in the UK seen as a limit on further pound gains.

FXStreet also pointed to expectations for further European Central Bank tightening after two rate increases this year, which it said may support the euro versus the pound.

Looking ahead, the outlet said traders are set to monitor UK second-quarter GDP, German preliminary inflation and retail sales on Wednesday, followed by the eurozone preliminary inflation report on Friday.

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