Shutterstock photo
Markets

Forex - EUR/GBP off intra-day low after dismal U.K. CBI data

Shutterstock photo

Shutterstock photo

Forexpros - The euro eased off an intra-day low against the pound in quiet trade on Thursday, following an industry report showing that retail sales in the U.K. fell at their fastest pace in over a year last month.

EUR/GBP pulled back from 0.8803, an intra-day low to hit 0.8815 during European late morning trade, up 0.12% over the day.

The pair was likely to find support at 0.8726, Wednesday's low and resistance at 0.8834, the days high and a two-week high.

The Confederation of British Industry said its retail sales balance fell to minus 14 in August from minus 5 in July, surpassing expectations for a fall to minus 10. The expected sales balance for September rose to minus 7 from minus 12 for August.

Earlier in the day, U.K. building society Nationwide said its index of consumer confidence fell to 49 in July, from a reading of 51 the previous month.

Trade remained subdued as investors looked to a speech from U.S. Federal Reserve Chairman Ben Bernanke on Friday for any sign of fresh monetary easing measures.

The euro was also higher against the U.S. dollar, with EUR/USD rising 0.14% to hit 1.4435.

Also Thursday, a report showed that the Gfk German consumer climate index for September dipped to 5.2 from a final reading of 5.3 in August, amid concerns that global economic weakness will affect the domestic economy.

The decline was in line with economists expectations.

Forex News

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


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

Other Topics

ForEx

Latest Markets Videos