eurgbp hovers around 0.8600, attends uk employment data
news | 05/13/2024 09:16:31 gmt| by akhtar faruqui
* EUR/GBP edges higher due to the positive shift in consumer spending trends in eurozone.
* boe’s chief economist huw pill indicated a growing belief that rate cuts might be on the horizon.
* the higher-than-anticipated uk gdp data provided support for the pound sterling.
eurgbp retraces its recent losses from the previous session, hovering around 0.8600 during the european session on monday. the euro gains ground due to a prevalent positive sentiment after the stronger retail sales data from the eurozone during the last week.
the monthly eurozone retail sales surged by 0.8% in march, marking the most significant increase in retail activity since september 2022. furthermore, retail sales also increased 0.7%, indicating the first growth in retail since september 2022 and signaling a positive shift in consumer spending trends.
on the gbp front, higher-than-anticipated uk gross domestic product figures released on friday, provided support for the pound sterling, undermined the eurgbp cross. the uk economy expanded 0.6% in q1, surpassing projections and indicating the end of the country’s brief recession. this robust economic rebound marked the strongest growth seen in over two years.
however, the british pound encountered a challenge following dovish remarks from huw pill, chief economist at the bank of england, who opted to maintain interest rates at 5.25% on thursday. nevertheless, he subsequently indicated a growing belief that rate cuts could be on the horizon.
market participants are likely to anticipate employment data on tuesday, with expectations of the uk claimant count change showing an increase in the number of individuals claiming jobless benefits in april. additionally, the ilo unemployment rate is anticipated to show a rise in the number of unemployed workers in the uk. in the eurozone, german consumer price index data are expected to remain unchanged across the board for april.
eurgbp
overviewtoday last price0.8604today daily change0.0004today daily change %0.05today daily open0.86trendsdaily sma400.8575daily sma500.8563daily sma1000.857daily sma2000.8605levelsprevious daily high0.8611previous daily low0.8595previous weekly high0.8621previous weekly low0.8557previous monthly high0.8645previous monthly low0.8521daily fibonacci 38.20%0.8601daily fibonacci 61.80%0.8605daily pivot point 100.8593daily pivot point 200.8586daily pivot point 300.8577daily pivot point 100.8609daily pivot point 200.8618daily pivot point 300.8625
tradingpro et l’auteur do not provide personalized recommendations. the author makes no representations as to the accuracy, completeness, or suitability of this information. tradingpro et l’auteur will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. errors and omissions excepted.
the author and tradingpro are not registered investment advisors and nothing in this article is intended to be investment advice.
recommended content
editors’ picks
eur/usd clings to modest gains above 1.0750 ahead of fedspeak
eur/usd clings to small gains above 1.0750 on the first trading day of the week. in the absence of high-tier data releases, investors will scrutinize comments from central bank officials. later in the week, inflation data from the us could trigger a big reaction.
eur/usd news
gbp/usd hovers above 1.2500, focus on uk labor data
gbp/usd struggles to gain traction and fluctuates slightly above 1.2500 in the european session on monday. ahead of tuesday’s labor market data from the uk and april inflation report from the us on wednesday, investors will keep a close eye speeches from central bankers.
gbp/usd news
gold price trades on a negative note, eyes on fedspeak
gold price trades on a negative note on monday during the asian session. the hawkish remarks from the fed and growing speculation that the fed might delay its easing plans have boosted the greenback and dragged the usd-denominated gold lower.
gold news
here’s what needs to happen for the graph price to revisit $0.422
here’s what needs to happen for the graph price to revisit $0.422. the graph price consolidation below a key hurdle shows that it is ready for a volatile move. with grt retesting the upper limit of its rangebound movement, chances of an upside breakout are high.
read more
waiting for us inflation to give fresh direction
china continues to struggle with its own demons. released during the weekend, the data showed that cpi rose, ppi contracted and the aggregate financing in china fell for the first time in history on the back of slower government bond issuance.
read more
forex majors
cryptocurrencies
signatures
©2024 « tradingpro » all rights reserved
about us
editorial guidelines
ethical code
corporate identity
consumer advice
translation policy
fxstreet blog
site map
terms and conditions
contact us
advertising
jobs
languages
edition
español
italiano
bahasa indonesia
português
日本語
繁體中文
简体中文
русский
français
العربية
deutsch
magyar
türkçe
tiếng việt
disclaimer note: all information on this page is subject to change. the use of this website constitutes acceptance of our user agreement. please read our privacy policy and legal disclaimer.
trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. the high degree of leverage can work against you as well as for you. before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. the possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. you should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
opinions expressed at tradingpro are those of the individual authors and do not necessarily represent the opinion of tradingpro or its management. tradingpro has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. any opinions, news, research, analyses, prices or other information contained on this website, by tradingpro, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. tradingpro will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
follow us
whatsapp
telegram
linkedin
twitter
facebook
instagram
youtube
financialjuice
