EUR/GBP shed weight on Tuesday, extending recent losses and falling a third of a percent as turbulent EU Parliamentary elections destabilize European markets. UK labor data disappointed with an upswing in unemployment claims, and Sterling traders will be looking ahead to Wednesday’s UK Gross Domestic Product (GDP) update.
An upswing in support for center-right to far-right political parties during the European Parliamentary elections has jostled market stability in Europe this week. France has called for a snap election after a large shift in the key European country’s voting base as French President Macron sees his support evaporate among voters. France will return to the voting polls in a two-round election to select a new government on June 30 and July 7.
The European Central Bank (ECB) recently delivered a much-anticipated rate cut, but policymakers are broadly cautioning that a follow-up rate cut may not be on the cards unless economic data deteriorates further. A slew of mid-tier appearances from ECB heads are due throughout the week.
UK labor figures broadly missed the mark on Tuesday, with an unexpected uptick in the 3-month ILO Unemployment Rate to 4.4% in April versus the forecast hold at 4.3%. May’s Claimant Count Change also surged to 50.4K versus the expected 10.2K, while the previous month saw a slight revision to 8.4K. A surge of 50.4K new unemployment claims represents the worst MoM upswing in unemployment benefits seekers since March of 2021.
GBP traders will be looking ahead to Wednesday’s UK GDP print, which is forecast to hold at 0.0% MoM compared to the previous 0.4%.
The Gross Domestic Product (GDP), released by the Office for National Statistics on a monthly and quarterly basis, is a measure of the total value of all goods and services produced in the UK during a given period. The GDP is considered as the main measure of UK economic activity. The MoM reading compares economic activity in the reference month to the previous month. Generally, a rise in this indicator is bullish for the Pound Sterling (GBP), while a low reading is seen as bearish.
Read more.Next release: Wed Jun 12, 2024 06:00
Frequency: Monthly
Consensus: 0%
Previous: 0.4%
Source: Office for National Statistics
EUR/GBP has fallen out of recent consolidation to test multi-month lows as the Euro swoons against the Sterling. The pair tumbled to 0.8420 before finding the brakes, but bullish recovery remains limited as EUR/GBP wrestling with price action below 0.8460.
Tuesday’s declines are just a capstone on recent bearish pressure pushing the pair lower. EUR/GBP has closed flat or down for four straight weeks, and is firmly on pace to chalk in a fifth. The 200-day Exponential Moving Average (EMA) is turning bearish from 0.8617, and any bullish recoveries will run aground of familiar technical consolidation levels above the 0.8500 handle.
© 2000-2024. Bản quyền Teletrade.
Trang web này được quản lý bởi Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
Thông tin trên trang web không phải là cơ sở để đưa ra quyết định đầu tư và chỉ được cung cấp cho mục đích làm quen.
Giao dịch trên thị trường tài chính (đặc biệt là giao dịch sử dụng các công cụ biên) mở ra những cơ hội lớn và tạo điều kiện cho các nhà đầu tư sẵn sàng mạo hiểm để thu lợi nhuận, tuy nhiên nó mang trong mình nguy cơ rủi ro khá cao. Chính vì vậy trước khi tiến hành giao dịch cần phải xem xét mọi mặt vấn đề chấp nhận tiến hành giao dịch cụ thể xét theo quan điểm của nguồn lực tài chính sẵn có và mức độ am hiểu thị trường tài chính.
Sử dụng thông tin: sử dụng toàn bộ hay riêng biệt các dữ liệu trên trang web của công ty TeleTrade như một nguồn cung cấp thông tin nhất định. Việc sử dụng tư liệu từ trang web cần kèm theo liên kết đến trang teletrade.vn. Việc tự động thu thập số liệu cũng như thông tin từ trang web TeleTrade đều không được phép.
Xin vui lòng liên hệ với pr@teletrade.global nếu có câu hỏi.