The EUR/GBP exchange rate made a comeback in yesterday’s trading. The EUR/GBP pair was first seen the trading flat in the earlier half of the sessions.
The EUR/USD trading pair slightly went up by 0.19%, or 0.0017 points, in Monday’s sessions. News from the monthly German Bundesbank report caused the EURGBP exchange rate to pick up the pace in the latter half of the session.
The EUR/GBP trading pair managed to hit levels between £0.8814 and £0.8856 in yesterday’s trading.
However, despite the success of the EUR/GBP recovery, the single currency still fell after the German Purchasing Manager index came out. The news disappointed the market, raising more fear and speculations about the health of the Eurozone economy.
The disappointing Markit PMI results in the Eurozone, Germany, and France further sent the shared currency down in sessions.
Single currency traders are hoping for the best as the European Central Bank president Mario Draghi is set to testify before the European parliament. Draghi will speak in front of the Committee and Monetary Affairs of the EU in the New Year session.
The Euro’s Performance
The EUR/GBP pair may have gained some altitude yesterday, but the single currency still lost against other currencies. Fears over the slowing eurozone economy still hold back traders.
Despite the QE of the European Central Bank in November, the single currency appears to remain exhausted. The result of yesterday’s performance attests to the euro’s current strength.
The EUR/JPY trading pair went down by 0.43%, or 0.50 points, in yesterday’s sessions. The pair reached ranges between ¥117.75 and ¥118.79 in Monday’s trading.
Another pair that decline is the euro to Swiss franc exchange pair. The EUR/CHF exchange rate went down by 0.23% or 0.0026 points in sessions, recording levels from Fr1.0857 to Fr1.0931.
And lastly, the EUR/USD trading pair also contracted by 0.25%, or 0.0028 points, in sessions. The EUR/USD trading pair extended its losses from $1.0965 to $1.1026 in Monday’s trading.