EUR/GBP trades with a bullish bias around 0.8455 in Thursday’s early European session. The weaker UK economic reports create a tailwind for the cross. The lower bets on another interest rate cut from the ECB in July cap the pair’s downside. The cross bounced off the lowest level since August 2022 near 0.8418 as the stagnant UK monthly Gross Domestic Product numberand weaker Industrial Production data for April dragged the Pound Sterling lower against the Euro .
On the Euro front, the hawkish cut from the European Central Bank seems to underpin the shared currency as ECB President Christine Lagarde cooled down expectations for another interest rate cut in July and preferred to wait for upcoming data. Later on Thursday, the Eurozone Industrial Production for April will be published, which is expected to rise 0.2% on a monthly basis from 0.6% in March.
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