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Jul. 6, 2022

Losing streak continues: Euro-Pound down 40 pips to 0.8556 adding to its six days of losses

Live - Updated 16 minutes ago.

Euro-Pound slides down from 0.8596 to 0.8556 today, losing 40 pips (0.47%).

Following a previous reading of 56.4, Construction PMI (Jun) in United Kingdom released today at 8:30 AM fell short of the 55 figure expected by analysts with an actual reading of 52.6.

Nonetheless, encouraging indicators for Euro-Pound published earlier when data for United Kingdom Composite PMI (Jun) released yesterday at 8:30 AM comes out at 53.7, beating projections of 53.1 and showing improvement over the preceding figure of 53.1.

Meanwhile, data for Germany 10-Year Bund Auction was released today at 9:30 AM suggests a downwards trend with 1.22, while previous data was 1.33.

Chart analysis suggests EUR/GBP's nearest support level is at 0.7134. With regards to technical trend indicators, chart analysis show that the MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control.

In the short term, Euro-Pound is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other pairs as at 1.0221, Euro-Dollar went down to its lowest value in 5 years. EUR/JPY is down 113 pips from the beginning of the session and now trades around 138.25.

Positive performances can be seen by looking at other currencies as USD/SGD traded above the 1.4 level for the first time in 2 years.

Some optimism can drawn from the fact that Euro Zone ECB Publishes Account of Monetary Policy Meeting will be released tomorrow at 11:30 AM.

The market will keep its eye on the following upcoming macroeconomics indicators: Germany Industrial Production (MoM) (May) expected to decline to 0.4, while its preceding data was 0.7, data will be available tomorrow at 6:00 AM. Germany Buba President Nagel speech set for tomorrow at 5:30 PM.

As things stand, Euro-Pound is 20.5% away from a significant low of 0.7134, first set 19 days ago.

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Week to date

Euro-Pound is trading around 0.8556, after closing the previous week at 0.8556 (down 0%) .

Trading week at a glance - EUR/GBP is up to 0.8556, after closing yesterday at zero. Overall, a 0% move or 8,556 pips this week. (Start trading Euro-Pound at FXTM today).

This move comes while some more positive signs for Euro-Pound are out as United Kingdom Composite PMI (Jun) comes out at 53.7, better than analyst estimates of 53.1 and improving upon the previous reading of 53.1.

Nevertheless Construction PMI (Jun) in United Kingdom fell short of the 55 projection with 52.6 and continued its downward trajectory from previous figure of 56.4. Euro Zone CPI (YoY) (Jun) beats expectations of 8.4 with new data release of 8.6. This is also a step forward from the previous data of 8.1. Manufacturing PMI (Jun) in United Kingdom fell short of the 53.4 projection with 52.8 and continued its downward trajectory from previous figure of 54.6. Data for Germany Unemployment Change (Jun) released Thursday comes out at 133,000, beating projections of -6,000 and showing improvement over the preceding figure of -4,000.

Outlook for rest of the week: Positive Euro-Pound indicators are expected going forward as Euro Zone ECB President Lagarde speech scheduled to come out Friday. Euro Zone ECB Publishes Account of Monetary Policy Meeting is scheduled for tomorrow at 11:30 AM.

United Kingdom Manufacturing Production (MoM) (May) will be released Wednesday.