EUR/GBP bounces off lows, near 0.8330 ahead of PMIs

Pablo Piovano FXStreet

The renewed selling pressure around the Sterling has allowed EUR/GBP to challenge to upper end of the range around 0.8330 on Friday.

EUR/GBP up post-Carney

The European cross met increasing buying pressure after Governor M.Carney left the door open for further easing over the summer, pointing to rate cuts, extra QE or both. Carney’s comments sent GBP sharply lower on Thursday although it has managed to regain some ground since then.

After posting fresh 2016 highs just above 0.8380, the cross deflated to overnight lows near 0.8300 the figure, where it seems to have found decent support.

Data wise, final June’s manufacturing PMIs are due in Euroland and the UK.

EUR/GBP key levels

The cross is now losing 0.07% at 0.8328 and a breakdown of 0.8163 (low Jun.27) would open the door to 0.7996 (high Jun.16) and then 0.7959 (20-day sma). On the flip side, the next up barrier lines up at 0.8382 (2016 high Jun.30) ahead of 0.8401 (monthly high Mar.18 2014) and then 0.8467 (monthly high Dec.17 2013).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD retreats to daily lows near 1.1570

EUR/USD briefly pushed higher earlier in the session, climbing toward the 1.1650 area, but the recovery quickly lost momentum and the pair has drifted back to test the 1.1570 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is making it difficult for the pair to maintain its footing.

GBP/USD loses the grip, focus is on 1.3300

GBP/USD remains on the defensive on Thursday, hovering around the 1.3320 region. The British Pound is coming under pressure amid growing concerns that rising energy prices could expose the UK economy to stagflation risks, while renewed safe-haven demand for the Greenback continues to weigh on the pair.

Gold falls as demand for the US Dollar resurges

Gold turns lower on Thursday, slipping back toward the $5,100 area. Persistent strength in the US Dollar (USD) is preventing the precious metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.