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EUR/GBP trims gains, German yields drop after EZ CPI data

FXStreet (Mumbai) - A weaker-than-expected Eurozone CPI data released ahead of the Thursday’s ECB meeting pushed EUR/GBP lower along with the German yields.

Post-UK data gains erased

At 0.7040, the post-UK construction PMI gains stands erased. The Eurozone annualised headline CPI and core CPI figure missed estimates and pushed the EUR lower across the board. The yield on the 5-yr German bund yield fell back below the ECB’s deposit rate level of -0.20%.

The weak inflation figure means the common currency is on a back foot heading into the US ADP report and Yellen speech.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7067 (daily high), above which the cross could target 0. 0.7102 (23.6% of 0.7493-0.6981). On the other hand, a break below hourly 200-MA at 0.7030 would expose 0.70 handle.

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