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3 Apr 2013
Forex: EUR/GBP easing ahead of UK PMI Construction
FXstreet.com (Barcelona) - The EUR/GBP rose to just below the psychological level at 0.8500 during yesterday’s New York session. The price stood relatively still around that area until the London opening, where the market is pulling down to 0.8469, for now. Soon, the UK will see published the UK PMI Construction in March, expected to rise from 46.8 to 47.5. Afterwards, the preliminary release of March CPI in the Eurozone is due at 09:00 GMT and expected to ease from 1.8% to 1.7% (YoY).
The key market drivers for the EUR/GBP this week will be the monetary policy announcements by the ECB and BoE tomorrow. Today, board members will be discussing what to do next.
“The EUR/GBP as we highlighted yesterday, the Elliott wave count indicated that 0.8417 was the low for this short term move lower and we would allow for a near term rebound towards the 55 day ma at 0.8572”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day MA (0.8572) and the March 20 high (0.8603) on the upside.
The key market drivers for the EUR/GBP this week will be the monetary policy announcements by the ECB and BoE tomorrow. Today, board members will be discussing what to do next.
“The EUR/GBP as we highlighted yesterday, the Elliott wave count indicated that 0.8417 was the low for this short term move lower and we would allow for a near term rebound towards the 55 day ma at 0.8572”, wrote Commerzbank analyst Karen Jones, pointing to the 55-day MA (0.8572) and the March 20 high (0.8603) on the upside.