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Forex: EUR/GBP easing again after EMU data

By FXstreet.com,  January 07, 2013, 05:41:00 AM EDT

FXstreet.com (Barcelona) - The EUR/GBP had fallen from the 0.8135 area ahead of the London opening and UK Halifax House Prices, which came in higher than expected: prices rose 1.3% on the month of December, with the 3m/YoY basis rebounding from -1.3% to -0.3%. Then, the cross printed its low at 0.8113.

A rebound ahead of EMU data took place, but the EUR/GBP is failling to keep the recovered area. The Producer Price Index eased from 2.6% to 2.1% on the annualized basis in November, lower than the 2.4% expected. The monthly change was a -0.2% contraction. Earlier, the Sentix Investor Confidence indicator in the Eurozone jumped from -16.8 to -7 in January, beating consensus of -15.0.

"The EUR/GBP is showing signs of recovery from just ahead of support at 0.8074/78 (6 month uptrend)", wrote Commerzbank analyst Karen Jones, expecting a retest of 0.8221/25 (January 2012 low), adding that only a close below 0.8074 would confirm the market has topped out.




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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