Both economies lack economic fundamentals which propose that there would be calm trading on the pair which is predicted to follow the general trend in market as it will not able to get direction from data.
The main focus will remain on the euro area to see the latest development from Greece and other highly indebted nations in the region.
This week, the main focus will be the BoE rate decision along with other important data from the U.K. while the U.S. does not have highly relevant release.
Last week, U.K. PMI manufacturing which showed a contraction of 47.4 in October from the expansion of 51.1 recorded in September and services gauge to 51.3 from 52.9.
The Fed lowered growth forecasts and raised estimates for unemployment last week, whilst revealing that purchasing mortgage-backed securities is a valid option for the Fed to boost the slackening recovery.
The outlook for both economies is clouded with uncertainty, thus there might be some interventions from both central banks to bolster the weakening recovery.
