EUR/GBP: Hard to rally - SocGen

Sandeep Kanihama FXStreet Contributor

As EUR/USD drifts lower, it's hard for EUR/GBP to rally, even if UK data and news are pretty poor, according to Kit Juckes, Research Analyst at Societe Generale.

Key Quotes

“Still, as the divisions within the Conservative party shine out, and as Jeremy Corbyn's policies are given an airing by more frequent public comments, the only things to love about the pound are its cheapness and the lack of economic Armageddon. On we go to labour market data that probably leave wage growth unchanged, despite unemployment falling from 4.3% to 4.2%. This is the last month that MPs will be under time pressure to understand the labour market data before PMQs, but I suspect they have bigger Brexit fish to fry (and quiz PM May about). GBP/USD is in no man's land but 1.38 is reachable.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.