End of rally? After five days of gains, Euro-Pound is down 26 pips today

Published: January 25 2023, 19:40 GMT+0

End of rally? After five days of gains, Euro-Pound is down 26 pips today

Slightly weaker but mostly flat: EUR/GBP is currently trading at 0.88 as it maintains an active range between 0.88 and 0.8852.

New Business Climate Index data from Germany matched market expectations with a reading of 90.2 — a positive step in contrast to previous data of 88.6 from last month.

Amid the market gloom, United Kingdom Services PMI released yesterday at 09:30 UTC with a figure of 48, while the previous figure was 49.9. United Kingdom Composite PMI came out at 47.8, while a consensus of analysts was expecting 49.3.

In the meantime, negative performances are seen in other pairs, USD/SGD is trading around 1.3135 (down 59 pips).

Positive performances can be seen by looking at other currencies as having closed the previous session at 1.8972, GBP/NZD is up 0.83% today to currently trade at around 1.9129. GBP/CAD added 0.69% to its value, now trading at 1.6594.

Furthermore, United Kingdom Labour Productivity is scheduled for tomorrow at 09:30 UTC.

Trading mostly sideways for a month. As things stand, Euro-Pound is 9.8% away from a significant high of 0.9785, first set 3 months ago.

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