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Forex: EUR/GBP quiet at lows after UK data

FXstreet.com (Barcelona) - Following weaker than expected retail sales in Germany, the EUR/GBP fell from 0.8460 to find support at 0.8438 on the London opening. The cross continues to trade at the support level after the release of UK data.

UK money supply fell -0.9% (from -0.5%) in March (MoM), instead of rising 0.4%. YoY data eased from 0.5% to 0.3%. Consumer credit came in at £0.5B as expected and net lending to individuals eased from £1.5B to £0.9B. UK mortgage approvals rose from 51.947K to 53.504K, beating 52.500K consensus.

German retail sales are already out, down -0.3% in March (MoM) to an annualized drop from -2.6% to -2.8%, lower than market consensus of 0.0% (MoM) and -1.2% (YoY). The German GfK May consumer confidence rose from 6.0 to 6.2, beating 5.9 consensus.

The Spanish estimate GDP Q1 came in line with expectations, at -0.5 (QoQ) and -2.0 (YoY). French Producer Prices eased from 0.5% to 0.0% in March, staying above the -0.1% consensus. Consumer spending beat expectations of 0.1% by rising from -0.2% to 1.3%.

“While capped here (0.8510) intraday we will assume that the market will remain directly offered. We look for further losses to 0.8363 and .then the 0.8288 2012-2013 uptrend”, wrote Commerzbank analyst Karen Jones.

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