EUR/GBP, which had seen recent gains, faced a setback following Germany’s Retail Sales data on Thursday. The report showed a decline in January’s German Retail Sales (YoY), falling by 1.4%, missing the expected 1.5% and the previous 1.7%. This news, coupled with disappointing data from the Eurozone the day before, likely contributed to downward pressure on the Euro, leading to a decline in the EUR/GBP pair.
Furthermore, economic sentiment in Germany dropped in February, contrary to expectations of improvement. Consumer Confidence also remained consistent, indicating economic challenges. Market participants are now awaiting Germany’s Consumer Price Index and Unemployment data on Thursday.
Bank of England’s Catherine Mann highlighted concerns about the spending habits of affluent British citizens contributing to inflation challenges. Despite this, market sentiment suggests that the BoE may soon implement interest rate cuts, potentially limiting losses for the EUR/GBP pair.
However, BoE policymakers, earlier in the week, expressed the need for more evidence of a decrease in inflation toward the 2% target before considering rate cuts. BoE Deputy Governor Dave Ramsden emphasized the importance of further evidence indicating a moderation in inflationary pressures before contemplating interest rate adjustments.
EUR/GBP
OVERVIEW | |
---|---|
Today last price | 0.8557 |
Today Daily Change | -0.0003 |
Today Daily Change % | -0.04 |
Today daily open | 0.856 |
TRENDS | |
---|---|
Daily SMA20 | 0.8545 |
Daily SMA50 | 0.8582 |
Daily SMA100 | 0.8626 |
Daily SMA200 | 0.8612 |
LEVELS | |
---|---|
Previous Daily High | 0.8566 |
Previous Daily Low | 0.8546 |
Previous Weekly High | 0.8578 |
Previous Weekly Low | 0.8528 |
Previous Monthly High | 0.8683 |
Previous Monthly Low | 0.8513 |
Daily Fibonacci 38.2% | 0.8558 |
Daily Fibonacci 61.8% | 0.8554 |
Daily Pivot Point S1 | 0.8549 |
Daily Pivot Point S2 | 0.8538 |
Daily Pivot Point S3 | 0.853 |
Daily Pivot Point R1 | 0.8568 |
Daily Pivot Point R2 | 0.8577 |
Daily Pivot Point R3 | 0.8588 |