EUR/GBP retreats from 0.8500 ahead of German data

  • EUR/GBP remains muted on Friday in the Asian session.
  • The Euro remains muted despite the upbeat economic data.
  • The sterling gains on mixed economic data and Brexit optimism.

After making a low of 0.8459, EUR/GBP trades higher in the Asian session. The pair made a high of 0.8506 in the overnight session.

At the time of writing, EUR/GBP is trading at 0.8498 up 0.04 % for the day.

The shared currency continues to decline against the pound on mixed economic numbers. The Eurozone Industrial Production fell 0.3% in June as compared to market expectations of 0.2%.

The ZEW indicator of Economics Sentiment for the Euro area fell 48.7 in August. The resurgence of the COVID-19 and fears of slow economic recovery weighed on the Euro.

On the other hand, the sterling gained on mixed economic data. Britain’s Gross Domestic Product (GDP) jumped 22.2% on a yearly basis whereas Industrial Production fell 0.7%, much above the market expectations of 0.3% increase.
In the latest development, post-Brexit Britain wants to liberalise trade with poor countries.

As for now, traders are waiting for the German Wholesale Prices, Euro Balance of Trade to take fresh trading impetus.

EUR/GBP additional levels

 

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