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9 Aug 2013
EUR/GBP muted
FXstreet.com (London) - EUR/GBP has remained in tight ranges on the EZ and UK data releases.
While there are a number of data releases for the Eurozone, these are second trier and will not be moving markets today. What has taken the markets interest to some degree is an overall better than expected set of UK trade data. But nonetheless, the price action is very dull around the release. Trade Balance data for June came in better than expected overall. The Total Trade Balance came £-1.548B beating expectations £-2.350B, Goods Trade Balance £-8.082B vs consensus £-8.500B and the Trade Balance; non-EU £-2.646 vs a consensus of £-3.800B. The market remains within tight ranges ahead of the weekend and the BoE minutes next week while otherwise the pair remains offered due to Carneys inflation report disappointing the markets that were heavily short of Sterling pre release. Until there is clarification around forward guidance, Sterling yields are firmly to the upside, following suit of that of the US, and that is something that Carney most likely wasn’t gunning for on the front end.
EUR/GBP sidelined
EUR/GBP is sidelined and failure here could open up losses back to 0.8493. The 20 dma 0.8644, 50 dma 0.8584, 200 dam 0.8438. RSI (9) 43.20. 0.8464, 0.8512, 0.8550, 0.8575. Spot 0.8606. Resistances are 0.8730, 0.8745, 0.8770, 0.8815
While there are a number of data releases for the Eurozone, these are second trier and will not be moving markets today. What has taken the markets interest to some degree is an overall better than expected set of UK trade data. But nonetheless, the price action is very dull around the release. Trade Balance data for June came in better than expected overall. The Total Trade Balance came £-1.548B beating expectations £-2.350B, Goods Trade Balance £-8.082B vs consensus £-8.500B and the Trade Balance; non-EU £-2.646 vs a consensus of £-3.800B. The market remains within tight ranges ahead of the weekend and the BoE minutes next week while otherwise the pair remains offered due to Carneys inflation report disappointing the markets that were heavily short of Sterling pre release. Until there is clarification around forward guidance, Sterling yields are firmly to the upside, following suit of that of the US, and that is something that Carney most likely wasn’t gunning for on the front end.
EUR/GBP sidelined
EUR/GBP is sidelined and failure here could open up losses back to 0.8493. The 20 dma 0.8644, 50 dma 0.8584, 200 dam 0.8438. RSI (9) 43.20. 0.8464, 0.8512, 0.8550, 0.8575. Spot 0.8606. Resistances are 0.8730, 0.8745, 0.8770, 0.8815