09 November, 2018
EUR/GBP remained on the downside this morning, trading at its lowest since late April 2018 (0.86950). The euro remained under negative pressure as traders reacted to negative news out of Europe. The European Commission forecast on Thursday that the Italian economy would grow more slowly than Rome thinks in the next two years, leading to much bigger budget deficits than assumed by the new government. Sterling has gained more than 1.50% against the euro in November. The pound has benefited from growing investor expectations that Britain is close to reaching a deal with the European Union, less than five months before it is due to exit the bloc. Later this morning fresh GDP data for quarter three in the UK will be released. Investors will also pay attention to UK’s Manufacturing Production and Trade Balance data for September.