Back
15 Feb 2013
Forex: EUR/GBP rallies on very disappointing UK retail sales
Analysts failed to forecast correctly what UK retail sales would be like in January. Markets were taken by surprise as actual data shows contracting figures at -0.6%, instead of +0.8% (YoY), and -0.5% instead of +0.4% (MoM), as well as -0.5% instead of +0.4% (ex- fuel MoM).
The British Pound is getting seriously hurt by this publication, with the EUR/GBP rallying from 0.8580 to 0.8617, for now. The cross isn't stable yet and risks more upside.
"Dips lower should remain well supported by the short term support line at 0.8511 ahead of the 0.8440 region", wrote Commerzbank analyst Karen Jones, expecting a retest of 0.8714 recent high.
The British Pound is getting seriously hurt by this publication, with the EUR/GBP rallying from 0.8580 to 0.8617, for now. The cross isn't stable yet and risks more upside.
"Dips lower should remain well supported by the short term support line at 0.8511 ahead of the 0.8440 region", wrote Commerzbank analyst Karen Jones, expecting a retest of 0.8714 recent high.