Forex: EUR/GBP at highs after Italy CPI
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - Improved sentiment is taking the EURGBP to higher levels in form of a rally to 0.8086 high on the European opening, The annual IMF/World Bank meetings saw IMF Chief Lagarde willing to lower austerity and give more time to meet budget targets to the pressured countries in the Eurozone, which crashes against Germany's point of view.
The Italian CPI inflation report for September came in line with consensus estimates. The month change of the headline figure was quite different from the EU normalized data, 0.0% vs +2.1%. The annualized data was relatively similar, rising to +3.2% (from +3.0%) and to +3.4% (from +3.3%), respectively.
The French current account deficit widened from ¬-2.5B to ¬-4B in August. Ahead is UK CB Leading Economic Index in September, followed by EMU industrial production in August. The EURGBP trades at 0.8080 at the moment of writing.
"EURGBP recovered yesterday but continues to faces tough overhead resistance between 0.8102/15, these represent the recent high, the 200 day ma and the 4 month downtrend", wrote Commerzbank analyst Karen Jones, wary of failure there and expecting a following slide back to support 0.7952/35 (short term uptrend and Fibonacci support and the 55 day MA).
The Italian CPI inflation report for September came in line with consensus estimates. The month change of the headline figure was quite different from the EU normalized data, 0.0% vs +2.1%. The annualized data was relatively similar, rising to +3.2% (from +3.0%) and to +3.4% (from +3.3%), respectively.
The French current account deficit widened from ¬-2.5B to ¬-4B in August. Ahead is UK CB Leading Economic Index in September, followed by EMU industrial production in August. The EURGBP trades at 0.8080 at the moment of writing.
"EURGBP recovered yesterday but continues to faces tough overhead resistance between 0.8102/15, these represent the recent high, the 200 day ma and the 4 month downtrend", wrote Commerzbank analyst Karen Jones, wary of failure there and expecting a following slide back to support 0.7952/35 (short term uptrend and Fibonacci support and the 55 day MA).
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