EUR/GBP Pares Losses After Downbeat Housing Data From UK, Trades Around 0.8550

Stock, Trading, Monitor, Business, Finance, Exchange

Image source: Pixabay

  • EUR/GBP trims intraday losses after weaker Nationwide Housing Prices data from the United Kingdom.
  • Germany’s HCOB Manufacturing PMI increased to 41.9 in March, from the previous reading of 41.6.
  • UK Housing Prices stood at 1.6% in March, falling short of the expected 2.4% rise.

EUR/GBP trims intraday losses after weaker housing data from the United Kingdom (UK). However, the cross remains in the negative territory and trades around 0.8550 during the European trading hours on Tuesday.

In March, non-seasonally adjusted Nationwide Housing Prices witnessed a year-over-year increase of 1.6%, falling short of market expectations of a 2.4% rise and trailing the previous figure of 1.2%. The monthly index indicated a decrease of 0.2%, contrary to the anticipated increase of 0.3% and the previous increase of 0.7%. Traders are expected to evaluate the UK economic landscape by closely monitoring key indicators such as the S&P Global PMI and Halifax House Prices data.

BoE Governor Andrew Bailey remarked that market forecasts for three quarter-point rate reductions in 2024 are reasonable noting that the UK central bank isn't observing significant persistent inflationary pressures. These statements have fueled expectations for the BoE to implement interest rate cuts in June, consequently exerting downward pressure on the Pound Sterling (GBP).

Germany’s HCOB Manufacturing PMI rose to 41.9 in March, from the previous reading of 41.6. Furthermore, traders await Consumer Price Index (CPI) data from Germany scheduled to be released later in the day. Wednesday brings Harmonized Index of Consumer Prices (HICP) data from the Eurozone.

The Euro struggles after the dovish remarks from the European Central Bank’s (ECB) members, which in turn, undermined the EUR/GBP cross. ECB Governing Council member Yannis Stournaras proposed on Sunday that there could be a total of four interest rate cuts in 2024, amounting to a cumulative reduction of 100 basis points (bps) by the end of the year. Additionally, ECB policymaker Robert Holzmann indicated that interest rate cuts are probable, contingent upon the evolution of wage and price dynamics by June.


Today last price 0.8556
Today Daily Change -0.0003
Today Daily Change % -0.04
Today daily open 0.8559
Daily SMA20 0.8551
Daily SMA50 0.8548
Daily SMA100 0.8592
Daily SMA200 0.8608
Previous Daily High 0.8563
Previous Daily Low 0.8539
Previous Weekly High 0.8593
Previous Weekly Low 0.853
Previous Monthly High 0.8602
Previous Monthly Low 0.8504
Daily Fibonacci 38.2% 0.8554
Daily Fibonacci 61.8% 0.8548
Daily Pivot Point S1 0.8544
Daily Pivot Point S2 0.853
Daily Pivot Point S3 0.852
Daily Pivot Point R1 0.8569
Daily Pivot Point R2 0.8578
Daily Pivot Point R3 0.8593

More By This Author:

EUR/USD Declines To Near 1.0770 As ECB Officials Hint At A Potential Rate Cut In June
Gold Price Forecast: XAU/USD Reaches To All-Time Highs Near $2,230, US PCE Eyed
USD/CAD Could Halt Losing Streak Amid A Stronger Greenback, Clings To 1.3540

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.