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April 04, 2023After closing at 0.8777 yesterday, EUR/GBP opened today at 0.8781, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, EUR/GBP retains a distinct 0.8728 to 0.8786 daily range.
While price action maintains a negative bias, Spain Unemployment Change came out at -48,800, better than analyst estimates of 8,500 and improving upon the previous reading of 2,600. Germany Trade Balance (Feb) came out at 16 billion, while a consensus of analysts was expecting 17 billion. Spain Manufacturing PMI released yesterday at 07:15 UTC with a figure of 51.3, while the previous figure was 50.7.
Though Euro-Pound has been dropping, other pairs have been performing better: EUR/AUD is up 1.25%. Having closed the previous session at 1.6666, GBP/CAD is up 0.9% today to currently trade at around 1.6817. EUR/CAD is up 0.77% to 1.4748.
Furthermore, United Kingdom Composite PMI is expected tomorrow at 08:30 UTC. Tomorrow at 06:00 UTC data for Germany Factory Orders will be released, with an expected decline to 0.3% from the preceding figure of 1%. Spain Services PMI is expected tomorrow at 07:15 UTC.
Trading mostly sideways for 2 months. Euro-Pound is now trading 10.3% away from its significant high of 0.9785 first tested 5 months ago.
