Bearish sentiment sends Euro-Pound 0.19% lower

Published: May 27 2023, 06:56 GMT+0

Bearish sentiment sends Euro-Pound 0.19% lower

A quick look at yesterday: Euro-Pound dipped as low as 0.8675 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (0.8703) with EUR/GBP closing the day at 0.8687.

Nonetheless, encouraging indicators for Euro-Pound published earlier when United Kingdom Retail Sales beat analyst expectations of 0.4% and the previous reading of -1.2% with new data of 0.5%.

Amid the market gloom, United Kingdom CFTC GBP speculative net positions released yesterday at 20:30 UTC with a figure of 11,600, while the previous figure was 12,600. Euro Zone CFTC EUR speculative net positions came out at 173,700.

Positive performances can be seen by looking at other currencies as GBP/NZD went up by 0.52% yesterday, and closed at 2.0417. GBP/JPY is trading around 173.63 after ending yesterday's session at 172.53 (up 0.64% today). EUR/JPY went up by 0.43% yesterday, and closed at 150.87.

Trading mostly sideways for 3 months. As things stand, Euro-Pound is 11.06% away from a significant high of 0.9785, first set 7 months ago.