The PMIs will be released in the UK this morning as well as in the Eurozone. In the view of economists at ING, the GBP is unlikely to sustainably outperform EUR.
EUR/GBP may stay range-bound or climb gradually
“UK PMIs should continue to fall below the eurozone ones and therefore continue to point to the UK’s relative economic underperformance.”
“Ultimately, we struggle to see the Pound consistently strengthening against the Euro, especially as we expect the Bank of England to deliver only one last 25 bps hike in March, while markets are partly pricing in further tightening after that.
“EUR/GBP may stay range-bound or climb gradually at this stage.”
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