• EUR/GBP hugs 0.8550 option expiry as it consolidates gains from 0.8455

• 0.8455 was 13-month low on July 15; 0.8558 was three-week high at 1107 GMT

• Ascent to 0.8558 influenced by German IFO beat, ECB's hawkish Kazimir

• Another rate hold is expected from the Bank of England this week (Thursday)

• CFTC data: net GBP short shrank for fourth consecutive week in week to July 21

• France and Spain race to curb wildfires before new heatwave arrives

EURGBP


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