EUR/GBP Advances To Near 0.8590, UK Retails Sales Reports No Growth In February

EUR/GBP trims its intraday losses and rises to near 0.8590 during the early European session on Friday. The cross moves in the positive territory despite positive Retail Sales data from the United Kingdom (UK).

UK Retail Sales (Month-on-Month) for February showed no growth, printing a reading of 0.0%, compared to the expected decline of 0.3% and the 3.4% growth recorded in January. However, Core Retail Sales, which exclude auto and motor fuel sales, increased by 0.2% month-on-month, surpassing expectations of a 0.1% decline and maintaining the 3.2% growth seen in January.

BOE Governor Andrew Bailey has reiterated that rate cuts this year are within reason, stressing that all meetings are subject to consideration, with decisions made anew each time. He emphasized the importance of having confidence in the direction of wage growth and stated that waiting for inflation to drop to 2% before contemplating rate cuts is unnecessary. Bailey also expressed optimism about recent economic developments, viewing them as positive news.

On the other hand, the Euro faced downward pressure on the latest Purchasing Managers Index (PMI) survey by HCOB on Thursday revealing that the Eurozone Manufacturing PMI for March was 45.7, lower than the previous reading of 46.5, and below the consensus forecast of 47.0. However, the Services PMI improved to 51.1 in March from 50.2 in February, surpassing the estimated 50.5. The Eurozone PMI Composite rose to 49.9 in March, compared to the expected 49.7 and the previous reading of 46.3.

On Friday, the German Import Price Index (Month-on-Month) for January was reported as flat at 0.0%, contrary to the expected decline of 0.3% and the previous decline of 1.0%. The year-over-year figure indicated a decline of 5.9%, which was better than the expected decline of 7.4% and the previous decline of 7.0%.

 

EUR/GBP

OVERVIEW
Today last price 0.8588
Today Daily Change 0.0009
Today Daily Change % 0.10
Today daily open 0.8579

 

TRENDS
Daily SMA20 0.8548
Daily SMA50 0.855
Daily SMA100 0.8602
Daily SMA200 0.8608

 

LEVELS
Previous Daily High 0.8583
Previous Daily Low 0.853
Previous Weekly High 0.856
Previous Weekly Low 0.8504
Previous Monthly High 0.8578
Previous Monthly Low 0.8498
Daily Fibonacci 38.2% 0.8563
Daily Fibonacci 61.8% 0.855
Daily Pivot Point S1 0.8545
Daily Pivot Point S2 0.8511
Daily Pivot Point S3 0.8493
Daily Pivot Point R1 0.8598
Daily Pivot Point R2 0.8617
Daily Pivot Point R3 0.8651

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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 ...

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