Pound drops to one-month lows against euro. The pound fell to one-month lows against the broadly stronger euro on Monday as expectations for further easing by the European Central Bank eased, after the bank refrained from tightening monetary policy last week. EUR/GBP hit 0.8344, the highest since February 6 and was last up 0.48% to 0.8341. The pair was likely to find support at 0.8291, the session low and resistance at 0.8360. Demand for the euro continued to be underpinned after the ECB left its benchmark interest rate unchanged at 0.5% on Thursday, saying economic conditions did not support tightening, despite the low inflation outlook for the euro area. The euro added to gains on Friday after a report from the ECB showed that euro area banks are set to repay a large portion of its emergency loans this week. Overall market sentiment remained subdued after data released over the weekend showed that Chinese exports fell 18.1% on a year-over-year basis in February, confounding expectations for a 6.8% increase. A separate report showed that the annual rate of inflation in China slowed in February, fuelling concerns over a slowdown in the world’s second largest economy. Sterling was also lower against the dollar, with GBP/USD down 0.40% to 1.6647. Data on Friday showing that the U.S. economy added 175,000 jobs in February, well above expectations for 149,000 new jobs continued to support the dollar. For more information, please contac: https://ironfx/id/register?utm_source=106636&utm_medium=ib_link&utm_campaign=IB CS: WhatsApp:+6287882742399. Pin BB 25C36FEE,Line,KakaoTalk,Wechat,PixMix ID:dacon2536. Skype: daconfx IronFX Global wishes you Solid Trading!
Posted on: Mon, 10 Mar 2014 13:53:14 +0000
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