• EUR/GBP extends south to 0.8593 after softer than expected EZ inflation data

• Up 2.8% YY in June vs 3.0% f/c. 0.8593 is the lowest level since 2 July 2025

• 0.8600 was EUR/GBP low before the euro zone inflation data

• Cooler print is blow for hawks advocating another ECB rate hike on July 23

• BoE is expected to keep its policy rate at 3.75% on July 30

EURGBP


(Robert Howard is a Reuters market analyst. The views expressed are his own)