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11 Mar 2013
Forex: EUR/GBP fully retraces early London drop back to 0.8717
After being put under pressure during the London opening, down to 0.8705 zone, the EUR/GBP bounced back to the opening price of 0.8717, where it is quoting as of writing. The market is consolidating last week's moves in the FX market.
Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%.
The German trade surplus eased from €16.9B to €15.7B as imports (+3.3% vs +1.0% consensus) rose more than exports (+1.4% vs +0.3% consensus) in January. French industrial output dropped -1.2% in January, instead of the +0.1% expected.
“Provided dips lower are contained by 0.8687/65, we will assume an overall upside bias for now”, wrote Commerzbank analyst Karen Jones, pointing to interim resistance at 0.8764, the 20th of February high..
Italy GDP contracted -0.9% in Q4 (QoQ) as expected, but didn't actual annualized Q4 data came in at -2.8%, instead of the expected -2.7%, after the Q3 being revised lower from -2.7% to -2.8%.
The German trade surplus eased from €16.9B to €15.7B as imports (+3.3% vs +1.0% consensus) rose more than exports (+1.4% vs +0.3% consensus) in January. French industrial output dropped -1.2% in January, instead of the +0.1% expected.
“Provided dips lower are contained by 0.8687/65, we will assume an overall upside bias for now”, wrote Commerzbank analyst Karen Jones, pointing to interim resistance at 0.8764, the 20th of February high..