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July 04, 2023EUR/GBP drops from 0.8598 to 0.8567, losing 30 pips (0.36%) today.
While price action maintains a negative bias, Spain Unemployment Change released earlier showed a marked improvement to -50,300 from the preceding data of -49,300, but fell short of the -63,500 figure forecast by a consensus of market analysts. Germany Trade Balance (May) released today at 06:00 UTC with a figure of 14.4 billion, while the previous figure was 16.5 billion. Spain Manufacturing PMI came out at 48, while a consensus of analysts was expecting 47.7.
In the meantime, negative performances are seen in other pairs, EUR/NZD falls 0.68% to trade around 1.7609. After ending yesterday's session at 1.4452, EUR/CAD lost 51 pips and is trading around 1.44.
Though Euro-Pound has been dropping, other pairs have been performing better: having closed the previous session at 0.6153, NZD/USD is up 0.58% today to currently trade at around 0.6189.
Furthermore, Euro Zone Composite PMI is expected tomorrow at 08:00 UTC. United Kingdom Composite PMI is expected tomorrow at 08:30 UTC. Italy Services PMI is expected tomorrow at 07:45 UTC.
Trading mostly sideways for 5 months. Euro-Pound is now trading 12.13% away from its significant high of 0.9785 first tested 8 months ago.
