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EURGBP falls after downbeat February PPI -

Apr, 04th 10:43

According to the data on Friday, U.S. non-farm payrolls rose around 215,000 on March, slightly higher than forecast. However, the unemployment rate rose to 5.0 percent from an eight-year low of 4.9 percent. The greenbacks dims on Monday after Friday’s firm U.S jobs report confirmed that the Federal Reserve would remain cautious on raising interest rates this year.

The Final Manufacturing PMI was also released at 51.6. This was above the level 50 of indicating the industry expansion. The data was forecasted to remain unchanged in comparison with the February at 51.4.

In the UK, the Manufacturing PMI, measuring the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry, stayed at 51.0. This was up 0.39% compared with the last month. This is the rate of respondents about the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.

Today, the number of unemployed people in Spain registered at the offices of the Public Employment Services declined 58,200. The previous monthly forecasts had predicted to witness a 21,300 increase. This is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.

The unemployment rate of the Eurozone remained unchanged compared with the reading of February at the three-year low level of 10.3 percent.

The Producer Price Index (PPI), measuring the change in the price of finished goods and services sold by producers, declined 0.7% in February after the 1% drop in the previous month.

eurgbp

Fig: EURGBP D1 Technical Chart

EURGBP has been in strong uptrend with the support of the moving average below. The pair retreated from the resistance level at 0.80218 and now is traded at 0.80004. RSI is hovering around 65 after getting closed to the overbought territory, indicating that the buying power is weaker and weaker. The pair is expected to test the support at 0.78622 soon.

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