GBP/EUR near the years high

July 6, 2023
GBP/EUR near the years high 

Following a relatively sideways movement for the GBP/EUR rate we saw a climb yesterday to get close to year highs again. European retail sales out shortly could cause the difference between a breakout or a retreat from technical resistance.

GBP/USD is similar with the rate bobbling along recent highs. For the Dollar it could be employment data and the Institute for Supply Managements data out later that could prove decisive.

The Pound isn't faring so well in the Southern hemisphere. Against both the Australian Dollar and the New Zealand Dollar the Pound has been in decline and with little news for all three currencies scheduled for today it's unlikely the rates will change massively.

Business news centres on oil. Both the ongoing Stop Oil protests and oil giants suggesting the demand for oil is still out stripping supply. The price of oil has actually been in a clearly defined, sideways channel since the start of May with little overall volatility.

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Economic calendar

EUR: 10:00 Retail Sales

US: 13:15 ADP Employment Change

US: 15:00 ISM Services Data

UK: Friday 07:00 Halifax House Prices

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