EUR/GBP Remains Rangebound Ahead of Event-Filled Week

15 March 2021 | Updated: 15 March 2021

The EUR/GBP maintained a sideways bias into today’s trading session despite several supporting fundamental factors on both sides.

The UK press announced over the weekend that the UK might be able to offer every adult in the country the first vaccination by June 10, several weeks earlier than the government’s target.

Meanwhile, the governor of the Bank of England, Andrew Bailey, made an unexpected speech close to the BoE rate decision. The governor had an upbeat tone as regards the prospects for the UK economy and downplayed worries that inflation could rise beyond the bank’s 2% cap.

In other news, the European Central Bank’s (ECB) recently released weekly asset purchase data illustrated that, net-net, the bank’s assets purchases increased to €14 billion from €12 billion from last week.

The ECB noted last week that it would increase the pace of its purchases drastically over the coming quarter, with some economic commentators suggesting that the monthly purchases could spike to €100 billion from €60 billion in February.

EURGBP – 4-Hour Chart

EUR/GBP Traders to Take Market Clues from Thursday’s Events
Today’s purchase numbers were disappointingly low, to say the least. However, ECB President Christine Lagarde warned about the possibility of such an outcome in last week’s press conference.

That said, the focus has shifted to next week’s data, as market participants anticipate a net purchase of at least €20 billion.

Moving on, this week’s EUR price dynamics will likely get influenced by the barrage of comments from several key ECB officials on Thursday, while GBP traders will take clues from the BoE’s rate decision on Thursday as well.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.