Forex: EUR/GBP declines ahead of Fed Beige Book
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - EURGBP declined sharply following soft US data to confirm yesterday's low at 0.7905.
Having printed a daily high at 0.7946, price retraced sharply during the afternoon session as both the Euro and the Dollar weakened against the Pound. With ongoing question marks surrounding the ECB plan to buy bonds and QE3 in the US, GBP has been the short term beneficiary during the build up to the Fed beige Book at 18:00 GMT. Currently trading at 0.7915, EURGBP looks to have found support whilst investors await the final significant economic event of today's calendar.
Elsewhere, Risk sentiment looks to have picked up equities this afternoon but commodities remain under pressure.
Having printed a daily high at 0.7946, price retraced sharply during the afternoon session as both the Euro and the Dollar weakened against the Pound. With ongoing question marks surrounding the ECB plan to buy bonds and QE3 in the US, GBP has been the short term beneficiary during the build up to the Fed beige Book at 18:00 GMT. Currently trading at 0.7915, EURGBP looks to have found support whilst investors await the final significant economic event of today's calendar.
Elsewhere, Risk sentiment looks to have picked up equities this afternoon but commodities remain under pressure.
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