The ECB is under a new President, but the same problems are expected to plague the slowing economy which also struggles with the absence of inflation. Today’s PPI data is expected to confirm that the ECB has failed its mandate of price stability and many analysts suggest that the central bank will remain loyal to policies Draghi implemented. Hungary’s central bank labelled the Euro a trap which is doomed to fail, will traders slowly agree with this idea? Will the EURGBP rally off of support or is another breakdown possible? Today’s fundamental analysis will take a look at price action in both directions.

With UK elections roughly five weeks away, Brexit uncertainty elevated and a slowing economy, forex traders will wait for today’s Services and Composite PMI data which is expected to remain below 50.0 and in contractionary conditions. Can economic data out of the UK surprise to the upside and rally bulls or will it come in below expectations and give bears a reason to push the EURGBP higher? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.