The EUR/GBP trading pair gained altitude in yesterday’s trading as the pound sterling continues to weaken.
The EUR/GBP pair moved up by 0.40% or 0.0036 points in Monday’s sessions. The pair traded around £0.9082 in sessions and has extended its gains from £0.9026 to £0.9091 in yesterday’s trading.
The two currencies also lost against other forex players in the market such as the US greenback, Japanese yen, and Australian dollar.
The GBP to USD exchange pair entered negative territories in yesterday’s trading. The GBPUSD pair declined by 0.67%, or 0.0082 points, recording levels between $1.2066 to $1.2175 in sessions.
The EUR/USD trading pair also went down after the greenback took advantage of the euros. The pair contracted by 0.24% or 0.0026 points, yesterday, hitting ranges from $1.0958 to $1.099.
The GBP/JPY lost 0.56% or 0.72 points in Monday’s session. And the EUR/JPY slipped 0.15% or 0.17 points.
Aside from those safe-haven assets, the pound sterling and euros also fell short against the Australian dollar. The EUR/AUD trading pair edged down by 0.10% or 0.0017 points, yesterday, recording losses for as low as AU$1.6296 to AU$1.6353.
And the GBP/AUD fell by 0.54%, or 0.0097 points, reaching levels between AU$1.7957 to AU$1.8095 in Monday’s sessions.
Analysts forecast a very volatile run for the EUR/USD trading pair as the two currencies continue to weaken. Traders are now on their feet, waiting and monitoring which currency will stand stronger in sessions.
The sluggish data from the eurozone’s consumer price growth report continue to pose as a headache for the ECB. The recent report showed data that the growth rate for consumer prices was unchanged at 1% for August.
The data disappointed traders and has weakened the euros. The consumer price growth data was well below the target level of 2% by the European Central Bank.
Meanwhile, the pound sterling is also at the edge of its seat after the BPM advised the Queen a prorogation of the Parliament.
Pound traders are now bracing themselves for a faceoff between the BPM and the members of the Parliament as the MPs try to block Johnson’s move.