{"id":168058,"date":"2023-10-04T15:21:32","date_gmt":"2023-10-04T09:51:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=168058"},"modified":"2023-10-04T15:21:32","modified_gmt":"2023-10-04T09:51:32","slug":"eur-gbp-drops-sharply-after-uks-upbeat-services-pmi-and-eurozones-weak-retail-sales-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eur-gbp-drops-sharply-after-uks-upbeat-services-pmi-and-eurozones-weak-retail-sales-crypto-news\/","title":{"rendered":"EUR\/GBP drops sharply\u00a0after UK\u2019s upbeat Services PMI and Eurozone\u2019s weak Retail Sales &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>EUR\/GBP slips sharply from 0.8680 after the UK Services PMI rebound and Eurozone\u2019s retail demand data remains.<\/strong><\/li>\n<li><strong>UK\u2019s Services PMI at 49.3, remained below the 50.0 threshold for the second time in a row.<\/strong><\/li>\n<li><strong>Eurozone\u2019s monthly consumer spending contracts by 1.2% as households\u2019 real income squeezes due to high inflation.<\/strong><\/li>\n<\/ul>\n<p>The EUR\/GBP pair drops vertically after facing selling pressure near 0.8680 in the European session. The cross attracts sellers\u2019 interest due to the upbeat United Kingdom\u2019s Services PMI and the Eurozone\u2019s weak consumer spending data.<\/p>\n<p>S&amp;P Global reported UK Services PMI at 49.3, higher than expectations and the former release of 47.2. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\/united-states\">economic data<\/a> failed to capture the 50.0 threshold for the second time in a row but a strong recovery has improved optimism among market participants. The service activity is in the contraction phase as firms cut back on non-essential business and declining\u00a0consumer spending.<\/p>\n<p>The UK firms are facing headwinds from higher borrowing costs due to tight monetary policy by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/boe\">Bank of England<\/a> (BoE) and a weak order book\u00a0due to subdued economic conditions.<\/p>\n<p>Fears of a slowdown in the UK economy persist as BoE Governor Andrew Bailey warned about more inflation shocks ahead. Bailey opposed the UK\u2019s 2% inflation target. He is confident about UK Prime Minister Rishi Sunak fulfilling his promise of halving inflation to 5.2% by the year-end.<\/p>\n<p>On the Eurozone front, weaker-than-anticipated Retail Sales data for August has dented the appeal for the Euro. The annualized consumer spending contracted by 2.1% while investors forecasted a decline of 1.2% against a 1% contraction reading in July. On a monthly basis, the economic data contracted significantly by 1.2% vs. estimates and the former reading of 0.3% and 0.1% contraction respectively. It seems that households are struggling to bear the burden of higher interest rates and sticky inflation.<\/p>\n<p>Meanwhile, European Central Bank (ECB) President <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/ecb\">Christine Lagarde<\/a> reiterated that interest rates will remain sufficiently restrictive to ensure price stability.<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: EUR\/GBP slips sharply from 0.8680 after the UK Services PMI rebound and Eurozone\u2019s retail demand data remains. UK\u2019s Services PMI at 49.3, remained below the 50.0 threshold for the second time in a row. Eurozone\u2019s monthly consumer spending contracts by 1.2% as households\u2019 real income squeezes due to high inflation. The EUR\/GBP pair drops [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":23971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,712,248,251,246,257,825,927,255,250,252,1063,247,253,791,249,256,254],"class_list":["post-168058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-boe","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-ecb","tag-eurgbp","tag-gta","tag-looks-rare","tag-oracle","tag-pmi","tag-polygon","tag-quickswap","tag-retailsales","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=168058"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168058\/revisions"}],"predecessor-version":[{"id":168060,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/168058\/revisions\/168060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/23971"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=168058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=168058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=168058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}