EURGBP

The Euro remains on the back foot after Wednesday’s anemic PMIs showed the single bloc’s economy struggling to make any headway. The latest ECB ‘sources’ talk is that momentum is growing for the European Central Bank to pause any further rate hikes as recession fears grow. Weak growth, benign wage growth, the slowdown in Chinese economic activity, and improved policy transmission are all noted, although the ‘sources’ add that the central bank would also make clear that futures rate hikes may still be needed. ECB President Lagarde is speaking today at the Jackson Hole Symposium and it will be interesting if these source reports are preparing the ground for the ECB to make a slight dovish turn, or if there is a rift building in the central bank over monetary policy.

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