Euro Remains at One-Year Lows vs Pound as Eurozone Inflation Cools
The euro is pinned near one-year lows against the British pound after German and French data confirmed moderating inflation in June, adding downward pressure on the common currency.
The EUR/GBP pair continues to trade around the 0.8515 area, marking its lowest levels in a year, as the euro fails to recover ground. The pair remains on the defensive on Friday, unable to mount any significant rebound.
Data from Germany and France, the Eurozone's two largest economies, showed that inflationary pressures eased in June. This moderation reinforces expectations that the European Central Bank may keep rates steady or even cut later this year, which is weighing on the euro.
Against the pound, which has been supported by the Bank of England's more cautious stance, the euro looks set to stay under pressure unless Eurozone inflation data surprises to the upside.
Source: FXStreet Forex News