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1 Apr 2013
Forex: EUR/GBP down and closer to 0.8400
FXstreet.com (Barcelona) - The EUR/GBP weakened right at the start of this week’s opening, falling from 0.8440 to find some support at 0.8411. Despite some retracement from the lows, the cross remains heavy and at losses on the day.
In China, NBS manufacturing PMI rose from 50.1 to 50.9 (below consensus of 51.2). “A decent bounce, but overall disappointed market expectations for a more convincing improvement to 51.2”, according to TD Securities analysts. “The March quarter average is 50.5: same as Dec qtr 2012, hence hints at a steady GDP print of 8.0%/yr (after 7.9% in Dec qtr 2012)”, they continued. The HSBC data beat consensus from 50.4 to 51.6 (expectations at 51.5). The Greek Markit manufacturing PMI eased from 43 to 42.1 in March.
The EUR/GBP is trading at January levels. On the upside, February low at 0.8447 is resistance. On the downside, after breaching below the 0.8400 handle, Jan-22 low at 0.8364 may be the first support, followed by 0.8326 (Jan-14 high).
In China, NBS manufacturing PMI rose from 50.1 to 50.9 (below consensus of 51.2). “A decent bounce, but overall disappointed market expectations for a more convincing improvement to 51.2”, according to TD Securities analysts. “The March quarter average is 50.5: same as Dec qtr 2012, hence hints at a steady GDP print of 8.0%/yr (after 7.9% in Dec qtr 2012)”, they continued. The HSBC data beat consensus from 50.4 to 51.6 (expectations at 51.5). The Greek Markit manufacturing PMI eased from 43 to 42.1 in March.
The EUR/GBP is trading at January levels. On the upside, February low at 0.8447 is resistance. On the downside, after breaching below the 0.8400 handle, Jan-22 low at 0.8364 may be the first support, followed by 0.8326 (Jan-14 high).