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11 Jun 2014

EUR/GBP in fresh 2014 lows

FXStreet (Edinburgh) - The solid performance of the sterling post-UK data is dragging the EUR/GBP to print fresh ytd lows around 0.8060 on Wednesday.

EUR/GBP weaker after data

The cross saw its decline accelerated after the unemployment rate in the British economy ticked lower in the three months ended in April to 6.6% vs. 6.7% expected and 6.8% from the previous month. The Claimant Count also surprised to the upside, decreasing by 27.4K vs. a drop of 25.0K forecasted. All in all, the sterling is extending its positive momentum backed by a solid and each day more sustainable recovery in the UK economy. In the opinion of Paul Robson, Senior FX Strategist at RBS, “Overall, the downtrend remains intact and we would expect rallies to struggle”.

EUR/GBP levels to consider

As of writing the cross is losing 0.33% at 0.8057 with the next support at 0.8045 (low Dec.11 2012) followed by 0.8035 (low Dec.10 2012). On the upside, a break above 0.8094 (high Jun.10) would open the door to 0.8122 (high Jun.9) and then 0.8125 (21-d MA).
Jun 11, 2014

Sterling rallies on further UK unemployment declines

Sterling has rallied strongly after UK unemployment fell further than expected, with February-April ILO unemployment falling to 6.6 percent
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Jun 11, 2014

ECB's Mersch sees ABS purchases as one of means for achieving price stability

Speaking at the Global ABS Conference organised by the Association for Financial Markets in Europe in Barcelona, Spain, ECB Executive Board member Yves Mersch said that a more “holictic approach” is needed for the regulation of asset-backed securities. HE suggested that the central bank might purchase "simple and transparent" as a means to an end for achieving price stability in the Eurozone.
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