Nov. 12, 2020
EUR/GBP trades at 0.9 after it made its largest daily jump (93 pips) since Sep. 10
This move comes while some more positive signs for Euro/Pound are out. As released today at 7:00 AM, United Kingdom's Monthly GDP 3M/3M Change showed an uptick coming in at 15.5, up from the previous number of eight.
On the flip side, United Kingdom Manufacturing Production published today at 7:00 AM came out at 0.2, falling short of the projections and continuing its decline from the previous 0.9 figure. United Kingdom GDP published today at 7:00 AM came out at 1.1, falling short of the 1.5 projections and continuing its decline from the previous 2.1 figure.
At 0.8996, Euro/Pound made an initial breakout above the 10 day Simple Moving Average. The Euro/Pound nearest resistance level is at 0.9033, followed by 0.9133 at the next level.
A look at other markets shows behavior that usually indicates a green move for the Euro/Pound as EUR/CAD gained 0.78% (119 pips), reaching 1.5505 levels.
In the meantime, pound/dollar is down 103 pips from the beginning of the session and now trading around 1.3223. EUR/NZD gained 0.89%, currently at 1.7264 USD/MXN is up 0.64% to 20.5883
The market is looking forward to United Kingdom BoE Gov Bailey's speech is scheduled for tomorrow at 4:00 PM. Euro Zone GDP is projected to outperform the last figure at 12.7, while it previously stood at -11.8, figure will be published tomorrow at 10:00 AM. France Consumer Price Index is projected to outperform the last figure at -0.1, while it previously stood at -0.5, figure will be published tomorrow at 7:45 AM. Spain's HICP (YoY) (Oct) expected to decline to -1, while its preceding data was -0.6, Data will be available tomorrow at 8:00 AM.