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EUR/GBP off highs near 0.7250 on German PMI

FXStreet (Mumbai) - The cross in the EUR/GBP eases-off fresh session highs, although remains well bid, on the back of downbeat German flash manufacturing PMI report.

EUR/GBP deflates from 0.7284 highs

Currently, the EUR/GBP pair rises 0.19% to 0.7255, fading a spike to fresh session highs posted at 0.7284. The EUR/GBP cross trims gains as the shared currency erased gains versus the US dollar following the release of German manufacturing gauge which showed a deceleration in the pace of activity in September.

September's preliminary PMI for Germany's manufacturing sector declined to 52.5, down from August's final reading of 53.3 points. Markets had bet on a fall to 52.6 points.

While the strength in the cross persists as the pound extends losses versus the greenback, as the UK traders react to the Chinese news which triggered renewed risk-aversion across the board.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7300 levels and above which it could extend gains to 0.7342 (Sept 17 High) levels. To the downside immediate support might be located at 0.7236 (Today’s Low) below that at 0.7194 (Sept 22 Low).

USDCAD: Healthy retail sales data expected – TDS

Prashant Newnaha, Rates Strategist at TD Securities, suggests that we are broadly in line with the market in looking for a healthy 0.9% m/m gain in July retail sales (market: +0.7%) with the ex-autos measure forecast to increase by 0.3% (market: 0.5%).
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