The pound came under pressure following this morning’s publication of key UK economic data, although the losses were limited as Mark Carney, the Bank of England Governor, reiterated that an interest rate rise was on the horizon.
In July, the European Central Bank President Mario Draghi said that the Governing Council would discuss the future of its €60 billion monthly purchases program in the autumn. Technically, autumn in the Northern Hemisphere will not start until Friday, Sept. 22, so there is a possibility that the topic of quantitative easing tapering may not be discussed at this week’s meeting.
The euro hit a three-week low against the dollar on Monday as mixed economic data coming out of Europe added to existing worries about political risk in the continent, driving investors to sell the single currency.
Factories across the Eurozone struggled to keep up with demand last month despite increasing activity at the fastest rate in nearly six years, according to a survey that showed them again hiking prices.