EUR/GBP pinned into midrange ahead of ECB, BoE policy meetings

The EUR/GBP pair is currently trading near 0.8560, with the pair testing the low end but still trapped within near-term consolidation.

The midweek sees a doubleheader from the BoE and the ECB, with markets focusing on press statements and investors weighing degrees of hawkishness. The pair is down a tenth of a percent in Monday action after briefly setting a thirteen-week low of 0.8549 earlier in the day.

Tuesday will kick things off with an update to UK labour figures, with the UK Claimant Count Change in November expected to show a slight increase from 17.8K to 20.3K, and the ILO 3-month Unemployment Rate for the quarter into October expected to hold steady at 4.2%.

Markets are gearing up for a full docket of central bank data in the back half of the week, with mid-tier Industrial Production data from both the UK and the Eurozone on Wednesday and the Bank of England and the European Central Bank delivering their final interest rate calls of 2023 on Thursday.