Is it the end of Euro-Pound's rally? After five days of gains, it is down by 0.26% today

Published: January 25 2023, 20:21 GMT+0

Is it the end of Euro-Pound's rally? After five days of gains, it is down by 0.26% today

Slightly weaker but mostly flat: EUR/GBP is currently trading at 0.8803 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.

While price action maintains a negative bias, 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 also seen in other pairs as USD/SGD is down to 1.3131, losing 63 pips, after closing at 1.3194 in the preceding trading session.

Positive performances can be seen by looking at other currencies as GBP/NZD soars 0.85% to trade around 1.9133. Having closed the previous session at 1.6479, GBP/CAD is up 0.63% today to currently trade at around 1.6584.

Furthermore, United Kingdom Labour Productivity will be released 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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