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2 Jan 2015

EUR/GBP recovers from 6-year lows on Upbeat German Manufacturing PMI

FXStreet (Mumbai) - The single currency trades unchanged against the British pound today, recovering from six-year lows hit earlier in the day after the German manufacturing sector rebounded in December.

The EUR/GBP pair now trades flat at 0.7765 levels, bouncing off from six-year low hit at 0.7745 levels some time ago. The EUR/GBP recovered against the sterling after the German factory activity rose into expansion territory in December last year in line with expectations. The manufacturing sector rose to 51.2 during the final month of the 2014 from 49.5 seen in November against expectations of a 51.2 result.

Earlier in the day, EUR/GBP plunged to fresh six-year lows after the European Central Bank (ECB) Chief Draghi’s warned about the heightened risk of ECB failing to deliver its mandate of price stability now than 6 months ago.

EUR/GBP Levels to consider

To the upside, the next resistance is located at 0.7788 (Jan 1 High) and above which it could extend gains to at 0.78 levels. To the downside immediate support might be located at 0.77 and below that at 0.7660 levels.
Jan 2, 2015

Eurozone manufacturing PMI ends the year on a subdued note

The final seasonally adjusted Eurozone Manufacturing PMI reading of the year showed the eurozone manufacturing sector ended 2014 on a subdued note, as rates of growth for output, new orders and employment all continued to track close to stagnation.
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Jan 2, 2015

United Kingdom Consumer Credit came in at £1.252B, above forecasts (£1B) in November

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