All Articles Tagged - EURGBP

Forex Market Review (European Session) – Euro struggles to rise after German industrial production; oil bounces as Libya’s largest oilfield is disrupted

Posted on August 7, 2017 at 3:22 pm GMT

As the economic calendar was lacking important data, the European session was quiet with the markets digesting the release of the German industrial production and the Halifax house price index, the only closely watched indicators of the day. Moreover, while investors were focused to catch any hints from the two-day OPEC/non-OPEC meeting launched today, energy prices initially edged higher before backtracking later in the day. The dollar was more or less steady against its rivals during European trading, with the [..]

Week Ahead – US CPI; RBNZ meeting; OPEC/non-OPEC to monitor cuts

Posted on August 4, 2017 at 4:04 pm GMT

Next week will be calmer in terms of data releases relative to this one, though certain figures from major economies will definitely grab the markets participants’ attention. In terms of central bank meetings, the Reserve Bank of New Zealand will meet to set monetary policy, while oil prices may experience added volatility given that a meeting to monitor compliance with output cuts will be taking place in Abu Dhabi. RBNZ decision on monetary policy The Reserve Bank of New Zealand [..]

Forex Market Review (European Session) – Dollar’s weekly losses cut down by solid employment report

Posted on August 4, 2017 at 2:48 pm GMT

The July employment report provided much-needed relief to the beleaguered greenback on Friday, while the pound continued to lose ground on fears the Bank of England would keep rates near record lows for longer. The main highlight of the day was the July jobs numbers out of the United States. The market is keeping a close eye on US economic numbers as they will likely determine whether an additional Fed rate hike will take place by the end of the [..]

Forex Market Review (European Session) – Pound slumps after BoE lowers UK outlook; dollar slips on weak ISM

Posted on August 3, 2017 at 3:00 pm GMT

The pound was the worst performing major currency in forex markets during today’s European session as it tumbled after the Bank of England downgraded its growth and inflation forecasts. The euro was steady against the US dollar but surged against the pound, while the greenback came under pressure from a weak ISM PMI. The Bank of England decided to hold rates unchanged at 0.25% at the end of its two-day policy meeting today. But the 6-2 vote was less hawkish [..]

Forex News – Sterling tumbles as BoE keeps rates on hold, cuts growth forecasts

Posted on August 3, 2017 at 2:44 pm GMT

The Bank of England decided to keep rates unchanged at all-time lows as it completed its two-day meeting today. Despite the decision not deviating from expectations, sterling suffered sizable losses relative to majors including the dollar and the euro as the Bank lowered its forecasts for growth in the current and following years. The pound’s decline continued as Mark Carney, the central bank’s Governor, appeared before the press after the decision announcement. Overall, the Bank’s decision, minutes and language used [..]

Forex Market Review (European Session) – Sterling at fresh 10½-month high ahead of BoE; dollar close to 15-month lows

Posted on August 2, 2017 at 3:04 pm GMT

Today’s European session was a rather quiet one in terms of data, with forex market participants focusing on the number of jobs added by the US private sector in the preceding month, July construction PMI numbers for the UK and June eurozone producer prices. The dollar remained close to the multi-month lows from previous sessions. In the US, the ADP report showed private employers adding 178,000 positions in the economy during July. This negatively compares to expectations for 185,000 additions, [..]

Technical Analysis – EURGBP remains neutral as consolidation phase extends

Posted on August 1, 2017 at 8:02 am GMT

EURGBP remains neutral as consolidation continues on the 4-hour chart since the pullback from the high of 0.8994 that was hit on July 21. The shorter-term 20-period moving average (MA), currently at 0.8941, is providing immediate support. The bullish breakout from 0.8860 on July 20 (top of a recent range), coincided with the bullish crossover of the 20-period MA with the 50-period one. The 20-period MA has stopped rising and has turned horizontal, while RSI is moving sideways, suggesting that [..]

Forex News – Euro gains moderately as core inflation and unemployment surprise positively

Posted on July 31, 2017 at 10:27 am GMT

July flash inflation numbers, as well as the June unemployment rate for the eurozone were released today. The positive surprise in core inflation, in conjunction with the fall in the unemployment rate, led to the euro recording gains relative to major currencies. Looking at today’s figures, the July flash inflation rate stood at 1.3% on an annual basis, as expected. This also coincided with the prior month’s figure. Rising energy prices contributed the most to inflationary pressures during July. The [..]

Forex Market Review (European Session) – Forex market awaits FOMC statement; pound helped by UK GDP

Posted on July 26, 2017 at 2:54 pm GMT

It was a relatively quiet day in forex markets as traders were mostly looking forward to the Fed statement later in the US session and as UK second quarter GDP figures were in line with estimates. In the day’s main economic news, the preliminary estimate of UK second quarter GDP came in line with expectations at 0.3% quarter-on-quarter and 1.7% year-on-year. This was on the one hand a slowdown from the previous quarter’s 2% year-on-year growth rate but the quarterly [..]

Forex News – UK Q2 GDP growth initial estimate pushes sterling down

Posted on July 26, 2017 at 1:10 pm GMT

On Wednesday, sterling edged down after initial UK GDP growth estimates showed that the expansion of the British economy continued its downtrend in the June quarter, recording the lowest yearly growth since 2013. This followed the IMF’s downgrade of its UK GDP growth forecasts on Monday. With uncertainty around Brexit talks in the background, which have not made any significant progress so far, the BOE policymakers are expected to keep interest rates steady next week. According to the Office for National Statistics, the British economy grew by 1.7% year-on-year as expected [..]

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