The EURGBP rebounded on Monday to hit a fresh high of 0.7246 after a report showing euro area inflation fell slower than economists’ forecast in February.

Data released today showed that eurozone consumer prices were 0.3 percent lower last month, while analysts had penciled in a 0.5 percent drop.

The euro also took advantage of the strong PMI manufacturing data from Germany and Italy, while the advance in UK PMI could not help the pound.

Britain’s Purchasing Managers’ Index (PMI) climbed to 54.1 in February, compared to 53.1 in January, higher than analysts’ forecast of 53.5.

The movement of the pair is likely to be largely shaped by this week’s ECB meeting in Cyprus, which will give more details about the bank’s quantitative easing program.

Meanwhile, the EURGBP is trading around 0.7278, where the session’s low was hit at 0.7237.

The European single currently retreated slightly on Monday against the U.S. dollar ahead of the awaited ECB meeting on Wednesday and Thursday in Cyprus.

Investors will carefully watch the meeting, as the ECB set to divulge more details about its quantitative easing program.

Policymakers at the ECB are still trying to find tools to prop up economic growth and halt inflation from dropping in the 18-nation bloc.

The ECB has pledged to purchase more than one trillion of government bonds by September 2016.

Data released today showed that eurozone consumer prices fell for a third straight month in February, as prices were 0.3 percent lower, following a 0.6 percent drop in January.

The EURUSD has wiped off almost 10 percent over the last three months on mounting concerns from Greece and deflation threats.

The euro is currently trading around 1.1182 against the greenback, not far from this year’s lowest level of 1.1098 recorded in January.

The euro managed to narrow its losses after the release of buoyant PMI data from Germany and Italy.

The Swiss franc slipped versus the U.S. dollar on Monday after a report showing Switzerland manufacturing contracted further in February.

Swiss Purchasing Managers’ Index (PMI) plummeted to 47.3 in February, compared to 47.4 in January, lower than analysts’ forecast of 48.2.

The reported raised concerns over the health of the Swiss economy amid the daunting challenges facing its key trading partner, the eurozone.

The USDCHF recovered in February, following the tremendous fall in the pair in January after the Swiss National Bank abandoned the Swiss franc cap versus the euro.

The British pound slipped versus its U.S. counterpart on Monday despite a report showing U.K. manufacturing growth posted a seven-month high in February.

U.K. Purchasing Managers’ Index (PMI) climbed to 54.1 in February, compared to 53.1 in January, higher than analysts’ forecast of 53.5.

Nevertheless, the data provided clues that the progress in U.K. factories growth relied on domestic demand as exports plunged on euro area Greece dilemma and firm sterling.

A report released last week showed that U.K. business investment fell to the lowest level in nearly six years in the last three months of 2014 as low oil prices weighed heavily on North Sea petroleum industry.

The GBPUSD is meanwhile trading around 1.5366, referring that the session’s low was marked at 1.5350 while the high was set at 1.5427.

It is worthwhile to mention that GBPUSD recorded a 2.26 percent rise in February, halting its drop for seven months in a row.

Investors still prefer to hold the U.S. dollar on expectations of seeing an interest rate hike before the year-end, while the BOE is likely to raise its borrowing cost next year.