20 Aug 2013
EUR/GBP is hovering around 0.8531 area; up 0.14%
FXstreet.com (Athens) - EUR/GBP is trading at a very tight range, due to the absence of any big market movers on the agenda.
Things are very thin on the ground today in terms of economic data and in fact this week continues in a similar vein. Yesterday, UK house prices looked as if have come off the boil month on month, as reported by the website Rightmove, which isn’t unexpected during the summer months. Also, yesterday saw sterling receive another boost after the CBI upgraded its growth forecasts for the UK although the strength was not sustained. The CBI now expects GDP to rise 1.2% this year, up from 1% and 2.3% in 2014, up from 2%. Earlier, we had the PPI data release, regarding the Euro zone ‘power horse’, i.e. Germany. The index of producer prices for industrial products rose by 0.5% from the corresponding month of the preceding year. While prices of consumer non-durable goods increased by 2.9%, prices of intermediate goods were 1.0% lower, compared with July 2012. To elaborate on, PPI data from Germany has come in lower than expected.
EUR/GBP technically on the bullish side?
EUR/GBP is currently trading at 0.8533, having made a daily high at 0.8540. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.8534, 0.8504, 0.8482, and resistance at 0.8576, 0.8598, 0.8619.
Things are very thin on the ground today in terms of economic data and in fact this week continues in a similar vein. Yesterday, UK house prices looked as if have come off the boil month on month, as reported by the website Rightmove, which isn’t unexpected during the summer months. Also, yesterday saw sterling receive another boost after the CBI upgraded its growth forecasts for the UK although the strength was not sustained. The CBI now expects GDP to rise 1.2% this year, up from 1% and 2.3% in 2014, up from 2%. Earlier, we had the PPI data release, regarding the Euro zone ‘power horse’, i.e. Germany. The index of producer prices for industrial products rose by 0.5% from the corresponding month of the preceding year. While prices of consumer non-durable goods increased by 2.9%, prices of intermediate goods were 1.0% lower, compared with July 2012. To elaborate on, PPI data from Germany has come in lower than expected.
EUR/GBP technically on the bullish side?
EUR/GBP is currently trading at 0.8533, having made a daily high at 0.8540. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.8534, 0.8504, 0.8482, and resistance at 0.8576, 0.8598, 0.8619.