GBP 0.5% increase on euro

andres del risco

Euro Weakens against Sterling

Good news for sterling sellers finally. The pound has advanced against the single currency this morning, gaining a good 0.5%.

The single currency made gains against the US Dollar in yesterday’s trading session following comments from ECB officials, Ewald Nowotny and Yves Mersch, that plans for additional monetary easing are not imminent. The latest comments from ECB policymakers seem to have calmed market anxiety, especially considering the ECB Chief’s dovish comments last week. The mixed views affirm that policy makers remain undecided over the future course of action and economic trends in the second quarter will remain a key determinant for future plans. Against this backdrop, the Bundesbank President, Jens Weidmann’s speech later today will attract market attention for his views on the monetary policy front. Separately, yesterday’s report revealed that Sentix investor confidence in the Euro zone rose to the highest level in three years for April.

With a lack of macro data across Europe today, markets will keep a tab on inflation reports from some Euro zone economies, along with speeches from few ECB officials during the week.

Key Economic Events

Interbank Exchange Rates (09:00)
GBP 1.2089 1.6639 12.904 1.7860
EUR 0.8273 1.3766 10.673 1.4774
USD 0.6010 0.7266 7.7540 1.0732

Currency Support levels
GBP/USD Support 1.6572 1.6537 1.6511
GBP/EUR Support 1.2064 1.2044 1.2022
EUR/USD Support 1.3703 1.3665 1.3643

Currency Resistance Levels
GBP/USD Resistance 1.6633 1.6659 1.6694
GBP/EUR Resistance 1.2106 1.2128 1.2148
EUR/USD Resistance 1.3763 1.3785 1.3823

Company Details

GBP 0.5% increase on euro

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