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EUR/GBP Narrows Gap With Range Base, UK Jobs/Inflation Data Key

EUR
  • EUR slippage extends into NY hours, with EUR/USD now well within range of the Friday low and initial intraday weak support at 1.0762, and 1.0742 below. As mentioned above, small bid tone in the greenback is aiding the move.
  • The single currency is among the poorest performers in G10 as the rate reverses a small part of last week's strength, while markets continue to monitor a continued deterioration of the EUR net position, which slipped to the lowest level since Oct'22 in Friday's CFTC CoT release (accurate as of Feb 6th close).
  • Despite stabilising off the late January lows, EUR/GBP has struggled to build any bounce off lows, and the sell-on-rallies theme remains dominant - particularly evident in the reversal of the Feb 5 high of 0.8572. Sights are on 0.8493, the Aug 23 '23 low and a key support - and could come into play on a firm UK inflation release on Wednesday (consensus already looks for services CPI to tick up to 6.8% from 6.4% prior).
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