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June 13, 2023
Struggling to find upward momentum, EUR/GBP has shed 3 pips to currently trade at 0.8591 as it ranges between 0.8584 and 0.8613 so far today.
Euro-Pound is currently trading at 0.8591 following the release of ZEW Economic Sentiment Index data from the Germany.
On the flip side, United Kingdom Average Earnings Index +Bonus came out at 6.5, better than analyst estimates of 6.1 and improving upon the previous reading of 6.1.
Amid the market gloom, Germany ZEW Economic Sentiment Index came out at -8.5, while a consensus of analysts was expecting -13.1. United Kingdom Claimant Count Change (May) released today at 06:00 UTC with a figure of -13,600, while the previous figure was 23,400.
Though Euro-Pound has been dropping, other pairs have been performing better: GBP/JPY is up 0.44%. EUR/JPY increases 0.38% to trade around 150.7. GBP/USD is up 0.4%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United Kingdom Manufacturing Production are set for a continuation of decline with -0.4% while previous data was 0.7%; data will be released tomorrow at 06:00 UTC.
Some optimism can drawn from the fact that United Kingdom GDP is projected to outperform its last figure with 0.2%. It previously stood at -0.3%; data will be released tomorrow at 06:00 UTC.
Furthermore, United Kingdom Monthly GDP 3M/3M Change (Apr) scheduled to come out tomorrow at 06:00 UTC.
Trading mostly sideways for 4 months. Euro-Pound is now trading 12.16% away from its significant high of 0.9785 first tested 8 months ago.
