Weak sentiment sees Euro-Pound posting 0.19% loss

Published: May 26 2023, 23:26 GMT+0

Weak sentiment sees Euro-Pound posting 0.19% loss

EUR/GBP weakened earlier in the day, before moving away from its 0.8675 low and recovering back to 0.8687.

In contrast, positive data for Euro-Pound reported earlier when United Kingdom Retail Sales came out at 0.5%, better than analyst estimates of 0.4% and improving upon the previous reading of -1.2%. Germany GDP released earlier showed a marked improvement to -0.3 from the preceding data of -0.4, but fell short of the -0.1 figure forecast by a consensus of market analysts.

While price action maintains a negative bias, United Kingdom CFTC GBP speculative net positions released today at 20:30 UTC with a figure of 11,600, while the previous figure was 12,600.

Though Euro-Pound has been dropping, other pairs have been performing better: GBP/NZD is up 0.52%. Having closed the previous session at 172.53, GBP/JPY is up 0.66% today to currently trade at around 173.67. USD/JPY gained 0.41% and is currently trading at 140.62.

Trading mostly sideways for 3 months. Having set a peak of 0.9785 around 7 months ago, Euro-Pound is now trading 11.06% below this level.