Forex: EUR/GBP falls on EU-Greece
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - The decision to release the ¬31.5B aid tranche to Greece is unlikely to be taken on the EU ministers meeting of November 12 in Brussels and be postponed to late November after getting Troika's full report of Greek developments. This news made an impression and pushed the EUR lower, with the EURGBP falling by 10 pips to 0.7964.
Earlier, both BoE and the ECB kept their monetary policy unchanged in November, but the Bank of England's announcement surprised some analysts and triggered a GBP rally, allowing the cross to fall to 0.7960 low. TD Securities analysts believe that the GBP and gilts are now more responsive to UK economic data and that the ECB rate cut is possible, but the OMT programme is the main tool for the ECB.
"We look for losses to the 0.7950 May low. Failure here would trigger further losses to 0.7913 then 0.7844", wrote Commerzbank analyst Karen Jones, expecting the cross to fall further to 0.7757 July low.
Earlier, both BoE and the ECB kept their monetary policy unchanged in November, but the Bank of England's announcement surprised some analysts and triggered a GBP rally, allowing the cross to fall to 0.7960 low. TD Securities analysts believe that the GBP and gilts are now more responsive to UK economic data and that the ECB rate cut is possible, but the OMT programme is the main tool for the ECB.
"We look for losses to the 0.7950 May low. Failure here would trigger further losses to 0.7913 then 0.7844", wrote Commerzbank analyst Karen Jones, expecting the cross to fall further to 0.7757 July low.
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