The pair, currently trading 0.7952, made support just above the S2 level of 0.7934 prior to the SNB Chairman Jordan’s speech this morning. With the Euro peg coming into focus since the move off 1.20, Jordan commented that a rate of 1.21 is overvalued and that it is too soon to tell if the EZ crisis was over, causing a touch of strengthening for EUR/GBP.
BBA Mortgage Applications data came in better than expected at 30.5k against 28.1k whilst Italian Consumer Confidence and Wage Inflation data beat estimates. The Draghi Merkel meeting is coming up soon with Draghi’s speech due at 13:00 GMT.
European Equities are down whilst the majority of commodities are higher this morning. Critical European yields are higher but stable.