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EUR/GBP tries to recover near the 0.8515 price level; as the European trading session commences today. EUR acquires upward momentum with some important events ahead. In addition, upholding the pair’s recent correction may be the guarded hopefulness in the market.
Also, a High Harmonized Index Consumer Price that was recorded yesterday emphasizes Christine Lagarde’s speech (ECB President). Other key numbers are numbers relating to Germany’s Retail Sales for April, which predicted 4% YoY against 2.7% before. Also, the Unemployment rate for April which was previously at 6.8% was expected reduce to 6.7%.
Additional Factors Affecting the EUR/GBP and the Way Forward
Mixed worries about Federal Reserve’s next action upholds the markets’ guarded optimism. This is because the US President and the Treasury Secretary commended the Fed’s Chairman as they change their position towards inflation.
Additionally, the Australian GDP which is better than anticipated and China’s Purchasing Manager Index figure approves the stronger market feelings. This made the EUR/GBP market record recent losses.
Also, distress about the United Kingdom’s Prime Minister party during the covid lockdown and the issue concerning the Northern Ireland Protocol burdens the EUR/GBP. On the same vane are the uncertainty of BoE’s part to be played in curbing inflation. And this and the previously mentioned factors, all come together to affect the EUR/GBP price actions.
In conclusion, EUR/GBP traders should prepare for upward movement, however, it is all dependent on the scheduled promoters and risk factors.
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