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12 Jun 2013
EUR/GBP drifting lower after German CPI
FXstreet.com (London) - EUR/GBP has been steadily drifting lower overnight, and has reached the support line of 0.8500 to open in Europe on German CPI.
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EUR/GBP drifting lower after German CPI
A few pips lower in European open on the release of an overall benign set of German inflationary data.
According to data released today by Destatis, German annual inflation rose 1.5% in May, following 1.1% growth registered the previous month. This result is in line with analysts' forecasts. On a monthly basis German CPI climbed 0.4% in May, after falling 0.5% in April, as expected.
Year-over-year German HICP grew 1.6% in May, up from 1.1% in April. On a monthly basis HICP increased 0.3% in May, following a 0.5% fall in April. Both results are in line with consensus.
EUR/GBP continues over the 55 day ma
Research and technical analysis teams at Commerzbank noted that EUR/GBP has seen a feeble rally and continues to hover at the 55 day ma at 0.8498 and remains on the defensive. They suggest that rallies will find minor resistance at 0.8550 ahead of the 0.85975 recent high. They said we should see this continue to hold the topside for a slide back to the 0.8422 mid-May low. Failure will leave the market weighing on the downside and target the 2012-13 support line at 0.8370.
.
EUR/GBP drifting lower after German CPI
A few pips lower in European open on the release of an overall benign set of German inflationary data.
According to data released today by Destatis, German annual inflation rose 1.5% in May, following 1.1% growth registered the previous month. This result is in line with analysts' forecasts. On a monthly basis German CPI climbed 0.4% in May, after falling 0.5% in April, as expected.
Year-over-year German HICP grew 1.6% in May, up from 1.1% in April. On a monthly basis HICP increased 0.3% in May, following a 0.5% fall in April. Both results are in line with consensus.
EUR/GBP continues over the 55 day ma
Research and technical analysis teams at Commerzbank noted that EUR/GBP has seen a feeble rally and continues to hover at the 55 day ma at 0.8498 and remains on the defensive. They suggest that rallies will find minor resistance at 0.8550 ahead of the 0.85975 recent high. They said we should see this continue to hold the topside for a slide back to the 0.8422 mid-May low. Failure will leave the market weighing on the downside and target the 2012-13 support line at 0.8370.