28 Jun 2013
EUR/GBP comfortable at 0.8553/59
FXstreet.com (London) - EUR/GBP comfortable at 0.8553/59
German retail sales mom climbed from -0.1% to 0.8% for the month of May while House prices in the UK disappointed. House prices, measured by the Nationwide Housing Prices dropped mom from 0.4% to 0.3% but most alarming they fell from 1.1% to 1.9% yoy and below consensus. There are a number of data releases for the EZ today, but TD Securities suggest most in focus will be the preliminary reading of German inflation that is expected to pick up another 0.2ppts to 1.7% Y/Y in June, bringing it back to its March level after a dip to 1.1% in April.
EUR/GBP rebounding
EUR/GBP has rebounded from Wednesdays lows 0.8470 and is sitting comfortably at the overnight highs and 0.8560 zone. The pair are back into the middle of the cloud and towards the May highs. There are a number of risk factors for the pair today, and breaks of resistance at 0.8570 opens up to challenge the figure for a break higher. Next resistance comes as the April highs 0.8630/40 zone. Failure at 0.8470 is needed to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8401.
German retail sales mom climbed from -0.1% to 0.8% for the month of May while House prices in the UK disappointed. House prices, measured by the Nationwide Housing Prices dropped mom from 0.4% to 0.3% but most alarming they fell from 1.1% to 1.9% yoy and below consensus. There are a number of data releases for the EZ today, but TD Securities suggest most in focus will be the preliminary reading of German inflation that is expected to pick up another 0.2ppts to 1.7% Y/Y in June, bringing it back to its March level after a dip to 1.1% in April.
EUR/GBP rebounding
EUR/GBP has rebounded from Wednesdays lows 0.8470 and is sitting comfortably at the overnight highs and 0.8560 zone. The pair are back into the middle of the cloud and towards the May highs. There are a number of risk factors for the pair today, and breaks of resistance at 0.8570 opens up to challenge the figure for a break higher. Next resistance comes as the April highs 0.8630/40 zone. Failure at 0.8470 is needed to re-target to the 0.8422 mid-May low and the 2012-13 support line at 0.8401.