EURGBP Exchange Rate

Eurozone consumers' inflation expectations remained stable in July, the latest consumer expectations survey published by the European Central Bank showed on Friday. Inflation expectations for the coming year was steady at 2.8 percent after having fallen in May to their lowest level since September 2021. Inflation expectations for the next three years also remained unchanged in July.

France's consumer confidence improved slightly in July ahead of Olympic Games, survey results from the statistical office INSEE showed on Friday. The consumer confidence index climbed to 91 in July from revised 90 in June. The index remained below its long-term average. The score was forecast to rise to 90 from June's initially estimated value of 89.

The pound declined against its most major counterparts in the New York session on Thursday.

Amid political uncertainty, France's manufacturing confidence weakened to the lowest since late 2020 largely due to weaker general and personal production expectations, survey data released by the statistical office INSEE showed on Thursday. The business climate index in manufacturing declined to 95 in July from 99 in June. This was the lowest reading since December 2020.

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Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Pound on the offensive

Financial markets were set for a choppy opening following news that the leftist coalition had won the French election. After edging higher in New York, the Euro slid 0.3% lower to 1.0805 from its 1.0840 close.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: The pound is about to change its course