Free Trial

Pares Most Of Shallow UK-Retail Sales Move Lower

EURGBP

Firmer-than-expected UK retail sales data initially applies modest weight to EUR/GBP, with the pair hitting fresh session lows at GBP0.8538, before recovering to GBP0.8547 last.

  • The rate sat at GBP0.8553 pre-data.
  • Volatility in the headline M/M data measure persists, with the Dec ’23 record fall reversed.
  • Our technical analyst suggests that the latest rally appears corrective in nature. A bearish theme remains intact, with the next downside objective located at the Aug 23 low (GBP0.8493).
  • Key near-term resistance to watch is the 50-day EMA (GBP0.8581), intermediate protection seen at the Feb 5 high (GBP0.8572).
  • ECB (Schnabel) & BoE (Pill) rhetoric will be eyed into the weekend.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.