Weak sentiment sees Euro-Pound posting 0.19% loss

Published: May 27 2023, 00:46 GMT+0

Weak sentiment sees Euro-Pound posting 0.19% loss

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.

In contrast, positive data for Euro-Pound reported earlier when highly important Retail Sales data from United Kingdom beat analyst expectations of 0.4% with a reading 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.

Though Euro-Pound has been dropping, other pairs have been performing better: GBP/NZD is trading around 2.0417 after ending yesterday's session at 2.0311 (up 0.52% today). GBP/JPY went up by 0.64% yesterday, and closed at 173.63. USD/JPY went up by 0.41% yesterday, and closed 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.