The EUR/GBP cross is experiencing a decline, currently hovering near 0.8545 during the early European session. This movement has been attributed to recent better-than-expected UK flash S&P Global Purchasing Managers’ Index (PMI) data, strengthening the Pound Sterling against the Euro. As market participants brace for key speeches from both the Bank of England’s Bailey and the European Central Bank’s Lagarde, the dynamics between these two currencies may see further influence.

Traders are advised to stay alert to the developments as these speeches may sway market sentiment and affect the EUR/GBP dynamics.