EUR/GBP hovers below 0.8600 ahead of UK data

EUR/GBP hovers below 0.8600 ahead of UK data

EUR/GBP edges lower in the Asian session on Tuesday.

The Euro gains momentum on upbeat economic data, dollar weakness.

The sterling remains on the backfoot amid Brexit chaos.

After consolidating gains in the previous week, EUR/GBP continues to trades higher in the Asian session. The pair confides in a narrow trade band ahead of crucial fundamental data.

At the time of writing, EUR/GBP is trading at 0.8573, up 0.06 % for the day.

The shared currency gathers momentum against the pound as the data released in the earlier week showed, EU private sector activity growth stood at a 15 year high in August, and manufacturing expanded the least due to supply-chain disruptions.

It is worth noting that S&P 500 Futures were trading up at 4,509 with 0.88% gains.

On the other hand, the British pound lost to the single currency as the Brexit chaos continue to linger on. In the latest development, business sentiment got hurt after the UK government rejected the plea to loosen visa rules for lorry drivers amid supply chain disruptions.

As for now, traders are waiting for the EU Consumer Confidence, Economic Sentiment, and German Inflation Rate to gauge the market sentiment.