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June 07, 2023EUR/GBP is grinding lower from 0.8608 to 0.8588, shedding 20 pips (0.23%) today.
On the flip side, highly important Construction PMI data from United Kingdom beat analyst expectations of 51.1 with a reading of 51.6.
While price action maintains a negative bias, United Kingdom Mortgage Rate (GBP) (May) released today at 08:50 UTC with a figure of 7.44, while the previous figure was 7.35. Germany Industrial Production released earlier showed a marked improvement to 0.3% from the preceding data of -2.1%, but fell short of the 0.6% figure forecast by a consensus of market analysts.
Positive performances can be seen by looking at other currencies as GBP/NZD gained 0.58% and is currently trading at 2.0548. Having closed the previous session at 173.38, GBP/JPY is up 0.5% today to currently trade at around 174.24. GBP/USD climbs 0.44% to trade around 1.2478.
Furthermore, tomorrow at 09:00 UTC data for Euro Zone GDP will be released, with an expected decline to zero from the preceding figure of 0.1. As things stand, upcoming Euro Zone GDP data is projected to fall short of market expectations with newly published data of 1.2%, following on from the preceding figure of 1.8%. New data is set to be published tomorrow at 09:00 UTC. United Kingdom RICS House Price Balance (May) is scheduled for today at 23:01 UTC.
Trading mostly sideways for 4 months. As things stand, Euro-Pound is 12.03% away from a significant high of 0.9785, first set 7 months ago.
