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April 06, 2023
Slightly weaker but mostly flat: EUR/GBP is currently trading at 0.8744 as it maintains an active range between 0.8741 and 0.8785.
Construction PMI data from United Kingdom will be released today at 08:30 UTC with analysts expecting a decline to 53.5. Potentially significant price fluctuations in Euro-Pound are expected to follow.
While price action maintains a negative bias, United Kingdom Composite PMI came out at 52.2, while a consensus of analysts was expecting 52.2. United Kingdom House Price Index released today at 06:00 UTC with a figure of 0.8%, while the previous figure was 1.2%. Germany Industrial Production released today at 06:00 UTC is better than expected at 2% but down from preceding data of 3.7% according to new data.
Though Euro-Pound has been dropping, other pairs have been performing better: GBP/NZD is up 0.7%. EUR/NZD added 0.57% to its value, now trading at 1.7357. EUR/AUD is up 0.42% to 1.6286.
Looking ahead, ongoing depreciation may be prolonged as projections for United Kingdom Construction PMI are set for a continuation of decline with 53.5 while previous data was 54.6; data will be released today at 08:30 UTC.
Furthermore, United Kingdom CFTC GBP speculative net positions is scheduled for tomorrow at 20:30 UTC. Euro Zone CFTC EUR speculative net positions scheduled to come out tomorrow at 20:30 UTC.
Trading mostly sideways for 2 months. Having set a peak of 0.9785 around 5 months ago, Euro-Pound is now trading 10.58% below this level.
