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EUR/GBP sidelined around 0.7330, IFO eyed

FXStreet (Edinburgh) - EUR/GBP is looking to consolidate yesterday’s break above the 0.7300 handle, currently extending its overnight sideline pattern around 0.7300.

EUR/GBP focus on IFO

The re-emergence of the bid tone around the single currency on Wednesday has given fresh legs to the cross, helping it to retake the 0.7300 handle and advance near 0.7350 during the Asian trading hours.

The upbeat momentum in the cross will be in the limelight however, as the German IFO indicator is due later in the European morning. Consensus expects the confidence gauges to come in a tad lower for the current month. Across the Channel, Mortgage Approvals by BBA are only due.

EUR/GBP relevant levels

As of writing the cross is down 0.08% at 0.7331 with the next support at 0.7322 (low Sep.24) ahead of 0.7238 (low Sep.23) and finally 0.7196 (low Sep.21). On the flip side, a surpass of 0.7346 (high Sep.23) would expose 0.7359 (high Sep.15) and then 0.7394 (high Sep.1).

SARB: Rates on hold, outlook gloomy, ratings downgrade in the pipeline – TDS

Paul Fage, Senior Emerging Markets Strategist at TD Securities, notes that the SARB has kept its policy rate, the repo rate, on hold at 6.0% in yesterday’s policy meet and with downwards revised growth projections, it will be harder for the government to avoid ratings downgrades.
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