Forex: EUR/GBP rises after UK data
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EUR/GBP
FXstreet.com (Barcelona) - The EURGBP has been rising since 0.7910 (0.7906 low) of Wednesday's New York session as the cross retraces the earlier drop from 0.7940. Today, market movement on the release of German and UK data printed a session low at 0.7919 and is now extending the daily upside above 0.7930.
There are 9K more unemployed in Germany in August, more than the expected 8K. The unemployment rate was kept at 6.8%. M4 money supply (MoM) grew by 0.5% in the UK in July, more than the 0.4% consensus and following the -1.6% drop in June. The annualized data improved from -5.2% to -4.6%. Meanwhile, UK mortgage approvals rose from 44.124K to 47.312K, more than the 47.000K consensus.
"While capped here (August high at 0.7963), we should see a slide back to the .7842 short term support line, and will need to break back below here to resume its downtrend", wrote Commerzbank analyst Karen Jones.
There are 9K more unemployed in Germany in August, more than the expected 8K. The unemployment rate was kept at 6.8%. M4 money supply (MoM) grew by 0.5% in the UK in July, more than the 0.4% consensus and following the -1.6% drop in June. The annualized data improved from -5.2% to -4.6%. Meanwhile, UK mortgage approvals rose from 44.124K to 47.312K, more than the 47.000K consensus.
"While capped here (August high at 0.7963), we should see a slide back to the .7842 short term support line, and will need to break back below here to resume its downtrend", wrote Commerzbank analyst Karen Jones.
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