EUR/GBP softer ahead of key economic data

A downward trend is observed in the EUR/GBP ahead of Tuesday’s key data points. After a consistent increase last week, the Euro is now declining. A major data double-header featuring labour, wages, and GDP figures for the UK and the EU is causing the EUR/GBP to weaken. As we approach Tuesday’s trading session, the Euro is reverting to its previous low of 0.4% from Monday’s peak to low.

UK’s Q3 average earnings are predicted to fall marginally from 7.8% to 7.7%, while earnings with bonuses are predicted to fall rapidly from 8.1% to 7.4%.

Additionally, the UK will see the Employment Change for September, which last revealed that the country lost 82 thousand jobs during the month, and the Claimant Count Change for October, which revealed a nearly 20.5 thousand increase in the number of people applying for unemployment benefits.

While the Eurozone’s GDP is predicted to print at a stable -0.1% for the quarter, the EU’s quarter-over-quarter Employment Change for the third quarter is anticipated to show a moderate 0.2% gain.