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Forex: EUR/GBP touches 0.8500, German and UK data out

FXstreet.com (Barcelona) - Easing from 0.8538 high ahead of the London session, the EUR/GBP made a sharp drop on the publication of a disappointing IFO survey in Germany following yesterday’s weaker manufacturing and services PMIs there. The cross found support at the 0.8500 psychological level.

On the EUR front, the German IFO survey came in lower than expected for the April report: drop from 106.7 to 104.4 in business climate (consensus of 106.2), fall from 109.9 to 107.2 in current assessment (consensus of 109.5) and drop from 103.6 to 101.6 in expectations (consensus of 103.0). Italy retail sales are also out, contracting by -0.2% in March instead of rising 0.4% as expected, with annualized data falling further from -2.8% to -4.8%. UK MBA Mortgage Approvals rose from 30.5K to 31.2K, as expected in March.

“The EUR/GBP is struggling to overcome the 55 day ma at 0.8576 – and attention is on the 0.8496 short term uptrend. Failure here will add weight to the idea that the market has topped and trigger losses to the base of the cloud at 0.8460”, wrote Commerzbank analyst Karen Jones.

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