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EURGBP Looks for Support from PMI Data

The EURGBP exchange rate has data on Monday with PMI data from the eurozone.

EURGBP – 4H Chart

EURGBP – 4H Chart

EURGBP is looking to find support ahead of the 0.83 level and any gains would target the 0.8450 level again.

Manufacturing and services PMI is released for the eurozone between 4:30pm HKT and 5:30pm.

France’s economy starts the show but its figures are still expected to be around the 46 level, lower than the 50 expansion rate. Germany’s services is expected to grow with a 51.4 reading, but its manufacturing is still lagging with a forecast of 47.7. Eurozone services is expected to be 51, with manufacturing at 48.

It will be a similar situation for the UK economy at 5:30pm HKT with manufacturing expected to be 47.3, with services at 51.2. Any deviation in these numbers could have an effect on the pair into Tuesday.

The British pound has been recovering against the euro, despite the surprise slowdown in UK GDP growth numbers last week. The economy contracted by -0.1% when analysts had expected growth of a similar level.

Markets are now pricing in a rate cut from the ECB in April, with Governing Council member Yannis Stournaras, saying:

“Everything points in the direction of a cut in April. But this is not April. It is still March. We have one month to go, so I cannot tell you that we’re going to cut”.

The data on Monday could add to euro rate cut expectations if PMI data from the eurozone disappoints.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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