Important Eurozone inflation data due out this morning (9am GMT)- EUR/GBP in focus

A whole bunch of European manufacturing PMI data revisions have been released this morning and we saw an upward revision to the Spanish data, but a contrasting downward revision from Italy. The data revision from France was was higher (44.6 versus prior 44) and the German numbers have also been revised higher (40.6 from 40.3). Perhaps the more important data from an ECB policy perspective will come at 9am GMT. That is the flash HICP inflation data from the Eurozone. This is widely forecast to show a significant fall from the prior estimate of 2.2%. The mid-market consensus is for annualised prices to drop back to 1.8%. If that is the case, then of course it would underscore the prospect of an ECB rate cut next month and beyond. That will have implications for the EUR/USD, EUR/JPY and there EUR/GBP today. Naturally, anything markedly outside of the consensus will be deliver a reaction in those pairings. Right now the EUR/USD is very close to session lows. The EUR/GBP is not though and perhaps that is one to consider, especially if there is evidence of further price easing across the Eurozone.