Euro Crumbles Amid High Oil Prices and Risk-Off Markets

The Euro (EUR) has extended its losses against the British Pound (GBP), falling to nearly two-week lows at 0.8560. This comes as high Oil prices and risk-off markets put additional pressure on the EUR/GBP pair.

Data released last Friday revealed that the UK's GDP accelerated to 0.4% growth in July, beating market expectations. The Pound rallied against most peers following the data, with strong UK Gross Domestic Product (GDP) and Industrial Production numbers.

The Eurozone is struggling due to high Oil prices, which have risen by over 20% in the last two weeks. Brent Oil is trading near $104.00 per barrel as tensions escalate in the Middle East, threatening to close key shipping routes.