The EURGBP trading pair inches up in today’s sessions as euro traders focus on key eurozone reports. The first one is the German Markit Manufacturing PMI for September and its release today at 7:30 GMT.
Traders are expecting the German data to contract due to the recent activity in the sector. However, some forecasts on the German PMI expect stability at 47.0 in September.
Aside from the German manufacturing sector, Monday’s sessions were also influenced by expectations om the Eurozone Manufacturing PMI.
The figures are expected to show steady growth due to the activities during September. Economists are expecting the composite purchasing index to rise from 51.9 in August to 52.0, continuing a modest pace.
The EURGBP market has also priced in the ECB’s (European Central Bank) decision to restart its QE from November. Hence, the single currency and the EURGBP trading pair could sharply rise and fall if the PMIs beat forecasts.
The Euro’s Run
The Eurozone’s currency has shown signs of weakness and exhaustion in today’s session. Single currency traders have become more anxious about the key eurozone data, causing the currency to slip in sessions.
The EURGBP exchange rate is seen trading flat at 0.03%, or 0.0003 points, in sessions. The pair currently trades for £0.8835, a slight difference from its previous close of £0.8832.
The EURGBP trading pair has recorded ranges from as low as £0.8826 to £0.8856 in Monday’s trading sessions.
Aside from that steady run, the EUR slipped the USD, JPY, and CHF in today’s sessions.
The EURUSD trading pair contracted by 0.11%, or 0.0012 points, trading for $1.1005 in Monday’s sessions. The EURUSD trading pair reached levels from $1.1001 to $1.1026 in trading.
Meanwhile, the EURCHF slipped down by 0.08%, or 0.0009 points, in sessions. The pair currently trades at Fr1.0907 against its previous close of Fr1.0916.
And the EURJPY exchange rate went down by 0.38%, or 0.45 points, in Monday’s trading. The pair currently exchanges for ¥118.05, edging lower from its last close of ¥118.50.