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May 13, 2023Yesterday at a glance: Euro-Pound dipped as low as 0.8692 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (0.8724) with EUR/GBP closing the day at 0.8716.
Highly important GDP data from United Kingdom beat analyst expectations of 0.1% with a reading of -0.3%. Data from United Kingdom concerning GDP was released yesterday at 06:00 UTC. Newly published figures emphasized continued decline from last month's figure of 0.6% to 0.2% this month.
Nonetheless, encouraging indicators for Euro-Pound published earlier when United Kingdom Manufacturing Production beat the -0.1% projections, with 0.7%.
Euro-Pound's value drop coincided with the fact that NZD/USD drops 1.72% yesterday and closed at 0.63.
Though Euro-Pound has been dropping, other pairs have been performing better: GBP/NZD is trading around 2.0109 after ending yesterday's session at 1.9853 (up 1.29% today). EUR/NZD surges 1.14% yesterday and closed at 1.7322.
Trading mostly sideways for 3 months. Having set a peak of 0.9785 around 7 months ago, Euro-Pound is now trading 10.85% below this level.
