EUR/GBP hovers near 0.8520 ahead of UK CPI
- EUR/GBP edges higher in the Asian session on Wednesday.
- The Euro remains strong on mixed economic data.
- The sterling fails to sustain the gains on Jobs data.
After making a high of 0.8537 in the previous session, EUR/GBP remains muted in the Asian session. The pair confides in a narrow trade band with an underlying bearish sentiment.
At the time of writing, EUR/GBP is trading at 0.8521, up 0.01 % for the day.
The shared currency gathers momentum against the pound after strong EU data. The Eurozone Gross Domestic Product (GDP) Q2 came at 2.0%, following two consecutive periods of contradiction. The number of employed persons edged up 0.5% in Q3, in line with the market expectations.
The EU Industrial Production fell 0.3% in June as compared to the market expectation of a 0.2% drop.
On the other hand, the sterling manages to gain some traction on stronger employment data. The number of employees on British company payrolls jumped 182K in July, whereas the Unemployment Rate eased 4.7% in Q2, marginally below the market expectations.
It is worth noting that S&P 500 Futures were trading down at 4,448 with 0.71% losses
As for now, traders are waiting for the UK Consumer Price Index (CPI) data, Retail Price Index, and EU CPI data to gain fresh trading impetus.
EUR/GBP additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
