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The Euro’s movements have been generally positive recently. In terms of domestic data, the biggest Eurozone news on Monday was increasing German factory orders (on a monthly and yearly basis) in April. Respective figures of 1.9% and 1.7% were released, beating expectations of 0.6% and 0.1%. The Eurozone Sentix Investor Confidence index also bettered forecasts yesterday, rising from 5.7 to 6.2 rather than registering the predicted score of 6.
However, the focus for the EU has again turned to the Greek government, which has been struggling to balance the act of implementing harsh tax and pension reforms with the increasingly violent protests of the population in response to these measures in the capital. International creditors are meeting to decide whether to approve further bailout funds disbursal to Greece, without implementing further austerity measures. The Euro has softened versus most of its major peers in response to this development.
Meanwhile, Pound Sterling (GBP) has been lacking momentum against its rivals. This morning’s speech by the Prime Minister does not seem to have resulted in any real positivity for the UK currency. David Cameron has put forward a bleak and sensationalist argument that the EU was a force for peace and that a break-up of the union could lead to war. In addition, news that the Bank of England (BoE) could cut interest rates down the line, has also weakened the Pound Sterling against the Euro.
The next notable developments for the pair EUR/GBP are expected to come from the Eurozone, in form of a number of speeches from European Central Bank (ECB) officials, during this week.
Fig. EURGBP D1 Technical Chart
The Euro to Pound Sterling has currently traded at 0.78753, moving in a narrow range. Although the red parabolic SAR indicates that the downtrend is likely to remain, the pair is expected to plunge slightly then go up again. ADX is 27.57, showing a relatively strong uptrend.
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