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Euro trims losses versus British pound as France debt worries linger
The pair is set for its worst weekly performance in four months, with EUR/GBP around 0.8508 before Eurozone inflation data.
The euro edged lower against the British pound on Friday, as investors weighed high oil prices and renewed concerns about France’s fiscal health, FXStreet reported. EUR/GBP was set to end the week down about 1.0%, its worst weekly performance in four months.
On the price action, EUR/GBP’s rebound attempts were capped below 0.8525 on Thursday, with the four month low around 0.8508 in reach, ahead of Eurozone consumer inflation data.
FXStreet said the Eurozone’s preliminary HICP report is expected to show headline inflation rising to 3.6% year on year in September, up from 3.2% in August, while core inflation is expected to increase to 2.5% year on year from 2.4%. The prospect of additional ECB rate pressure contrasts with lingering stress tied to France, including a widening gap between German and French bond yields beyond 140 basis points, FXStreet added.