EUR/GBP bounced from near-term lows to cross 0.8450. BoE keeps rates on hold, cites still-tight labor market and tricky inflation. Friday to wrap up the trading week with UK Retail Sales, PMI s in EU and UK. Mid-tier EU data did little to spark much movement in either direction, though Euro traders will note a further softening in the German Producer Price Index in May. Germany’s PPI slipped to 0.0% MoM in May, down from the previous 0.2% and flubbing the forecast uptick to 0.3%.
The EU’s June Manufacturing PMI is expected to move to 47.9 from 47.3, while the Services PMI component is forecast to rise to 53.5 from 53.2. On the UK side, June’s Manufacturing PMI is expected to tick to 51.3 from 51.2, while the Services PMI is forecast to clip into 53.0 from 52.9. EUR/GBP technical outlook EUR/GBP found the juice for an intraday bullish recovery, but the pair's outlook is still firmly bearish. 0.
BOE PMI
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