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7 May 2013
Forex: EUR/GBP storms to 0.8450 on surprising German factory orders
FXstreet.com (Barcelona) - With the 0.8415 area holding the cross against the downside, the EUR/GBP stormed off to the upside as March German factory orders contradicted the latest gloomy surveys. Investors are cheering with the surprising 2.2%, instead of the -0.5% contraction as expected. February data was revised slightly lower from 2.3% to 2.2%. German factory orders in year-on-year basis dropped further, from -0.2% (revised from 0.0%) to -0.4%, but that came in better than the -2.9% expected.
As of writing, the EUR/GBP upward movement is being blocked by 0.8440/50, around where it found resistance since Friday.
Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%. The French trade deficit narrowed from €-6.011B to €-4.696B, beating €-5.600B consensus, as exports grew from €35.703B to €36.204B while imports dropped from €41.348B to €40.9B.
“The EUR/GBP is sitting back on the three month support line at 0.8392, a fall through which will have the 2012-13 support line at 0.8301 in focus. The currency pair will remain immediately offered while trading below the late April high at 0.8497”, wrote Commerzbank analyst Axel Rudolph.
As of writing, the EUR/GBP upward movement is being blocked by 0.8440/50, around where it found resistance since Friday.
Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%. The French trade deficit narrowed from €-6.011B to €-4.696B, beating €-5.600B consensus, as exports grew from €35.703B to €36.204B while imports dropped from €41.348B to €40.9B.
“The EUR/GBP is sitting back on the three month support line at 0.8392, a fall through which will have the 2012-13 support line at 0.8301 in focus. The currency pair will remain immediately offered while trading below the late April high at 0.8497”, wrote Commerzbank analyst Axel Rudolph.