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EUR/GBP has been rangebound on Monday within 0.8380-0.8400ish parameters with market attention predominantly elsewhere.
The market is expected to heat up starting Tuesday with the release of fresh figures by UK and Eurozone PMIs.
the Forex market’s focus has been on USD crosses on Monday, amid a broad strengthening of the dollar reacting to the reappointment of Jerome Powell as Fed chair which spurred an unwinding of dovish “Lael Brainard” bets.
As a result, the EUR/GBP pair hasn’t got much love or attention and has seen somehow boring trading appetite with the pair ranging between its 21-month lows at just above 0.8380 and the 0.8400 level.
Flash Eurozone and UK Markit PMI surveys for November will be released on Tuesday early during the European session.
The fresh figures will be of particular interest for investors in the context of the recent surge in Eurozone COVID-19 infections that have now translated into a tightening on health restrictions.
Traders wait to see how this affects the restriction-vulnerable services sector. Deterioration is expected after a deterioration was seen in the preliminary November Eurozone Consumer Sentiment survey released on Monday.
