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Forex: EUR/GBP awaiting further cues from European session

By FXstreet.com,  May 16, 2012, 12:42:00 AM EDT

FXstreet.com (San Francisco) - EUR/GBP rose to 0.8012 in overnight trading on better than expected German GDP data before giving up those gains later in the day on news that another Greek election is in the pipeline, falling to a fresh multi-year low of 0.7951 as GBP is a relative safe-haven amid the EUR storm.

So far late in the Asian session this Wednesday, EUR/GBP is quoted virtually unchanged from its opening price around 0.7960 ahead of a slew of UK economic data including the Bank of England Quarterly Inflation Report at 09:30 GMT, when markets will be paying close attention to the Bank's growth forecast and language regarding potential additional monetary support, which may inspire more action in GBP.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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