• Sun. Jul 14th, 2024

EUR/GBP consolidates its losses around the mid-0.8600s ahead of the German trade data

business-infographics-hologram-made-by-man

Featured Brokers

Liquidity

Min. Deposit: 100 USD

Regulated: NFA, CFTC

Broker Type: ECN, STP

AvaTrade

Min.Deposit: $100

Regulated: CySEC

Broker Type: ECN, STP

FBS

Min.Deposit: $1

Regulated: ASIC, IFSC

Broker Type: ECN, STP

JustMarkets

Min.Deposit: 1 USD

Regulated: FSA, CySEC

Broker Type: STP

  • EUR/GBP oscillates around the 0.8647-0.8661 region in a narrow trading band on Thursday.
  • Eurozone Retail Sales came in at -2.1% YoY in August vs.-1%, worse than expectation.
  • UK’s S&P Global/CIPS Composite PMI and Services PMI for September came in above the market consensus.
  • Traders will monitor the German Trade Balance for August due later on Thursday.

The EUR/GBP cross consolidates its recent losses around the mid-0.8600s during the Asian session on Thursday. Market players await the German Trade Balance data for August ahead of the European Central Bank (ECB) official’s speech later on Thursday. The cross currently trades near 0.8654, losing 0.02% for the day.

On Wednesday, the Eurozone Retail Sales dropped 2.1% YoY in August from the previous reading of a 1% fall, worse than the expectation of a 0.3% decline. On a monthly basis, the figure fell by 1.2% versus a 0.1% drop prior. Additionally, the Eurozone Producer Price Index (PPI) declined by 0.6%, matching the market expectation.

Markets expect the European Central Bank (ECB) to keep interest rates unchanged in the next meeting. On Wednesday, ECB Governing Council member Mario Centeno said that inflation in the Eurozone declined faster than it was rising and that the central bank may anticipate the rate cycle to be finished by now, while ECB Vice President Luis de Guindos remarked that the ECB would continue to take a data-driven approach.

On the other hand, the stronger UK economic data lifts the British Pound (GBP) against the Euro. Both the UK’s S&P Global/CIPS Composite PMI and Services PMI for September came in above the market consensus but remained below 50 in contraction territory.

Looking ahead, market players will focus on the German Trade Balance for August ahead of the ECB Philip Lane’s speech. On Friday, the UK’s Halifax House Prices data and German Factory Orders will be released. These figures could give a clear direction to the EUR/GBP cross.

 

EUR/GBP

OVERVIEW
Today last price 0.8655
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 0.8656
TRENDS
Daily SMA20 0.8637
Daily SMA50 0.8603
Daily SMA100 0.8601
Daily SMA200 0.8707
LEVELS
Previous Daily High 0.8682
Previous Daily Low 0.864
Previous Weekly High 0.8706
Previous Weekly Low 0.863
Previous Monthly High 0.8706
Previous Monthly Low 0.8524
Daily Fibonacci 38.2% 0.8656
Daily Fibonacci 61.8% 0.8666
Daily Pivot Point S1 0.8637
Daily Pivot Point S2 0.8617
Daily Pivot Point S3 0.8594
Daily Pivot Point R1 0.8679
Daily Pivot Point R2 0.8702
Daily Pivot Point R3 0.8721

 

On Key

Related Promotion