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ٹریڈنگ خبریں
23 Apr 2015
EUR/GBP spikes to 0.7163 on poor UK data
FXStreet (Mumbai) - The British pound gets hammered by the shared currency in the European morning; pushing EUR/GBP to fresh session highs, after disappointing UK retail sales numbers dragged sterling further in to losses.
EUR/GBP rises from 0.7146
Currently, the EUR/GBP cross trades higher by 0.33% at fresh session highs at 0.7163, jumping from 0.7146 levels post data. The cross in EUR/GBP gained further momentum as markets were left unimpressed by weak UK data which weigh on the British currency.
UK retail sales including fuel sales fell by 0.5% instead of a predicted rise of 0.4% due mainly to a 6.2% drop in fuel sales. Excluding fuel, retail sales also failed to meet expectations rising by only 0.2%, data from the Office for National Statistics (ONS) showed on Thursday.
On the other hand, the euro recovered most losses against the US dollar, standing resilient despite downbeat EZ PMI readings. Meanwhile, later in the day, markets now await US jobless claims and new home sales data for fresh take on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7175 and above which it could extend gains to at 0.7207 (April 22 High) levels. To the downside immediate support might be located at 0.7100 levels below that at 0.7030 (March 12 Low) levels.
EUR/GBP rises from 0.7146
Currently, the EUR/GBP cross trades higher by 0.33% at fresh session highs at 0.7163, jumping from 0.7146 levels post data. The cross in EUR/GBP gained further momentum as markets were left unimpressed by weak UK data which weigh on the British currency.
UK retail sales including fuel sales fell by 0.5% instead of a predicted rise of 0.4% due mainly to a 6.2% drop in fuel sales. Excluding fuel, retail sales also failed to meet expectations rising by only 0.2%, data from the Office for National Statistics (ONS) showed on Thursday.
On the other hand, the euro recovered most losses against the US dollar, standing resilient despite downbeat EZ PMI readings. Meanwhile, later in the day, markets now await US jobless claims and new home sales data for fresh take on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7175 and above which it could extend gains to at 0.7207 (April 22 High) levels. To the downside immediate support might be located at 0.7100 levels below that at 0.7030 (March 12 Low) levels.