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Sterling Rallies Against the Euro Amidst a Quiet Summer Session

Sterling Rallies Against the Euro Amidst a Quiet Summer Session

2012-08-16 11:39:00
Benjamin Spier, Technical Strategist

The British Pound emerged again as the clear winner of an otherwise quiet summer European session. UK retail sales (excluding auto sales) beat expectations by remaining unchanged in July, while June sales numbers were revised to record highs.

The UK data sent the Pound to a new August high against the Euro, EURGBP is currently trading only about 20 points above .7800. Meanwhile, Sterling temporarily rose above 1.5700 against the US Dollar before coming back down below what has proven to be a key short-term resistance line. EURGBP continued a year long downward trend in today’s trading, support could come in at the 4-year low, by .7751.

Also, the ZEW Credit Suisse Survey indicated that Swiss investors’ confidence improved in August, but remained overall negative. The Euro-zone annual inflation rate came in unchanged in July at 2.4%. Neither of these news releases had significant impact on the markets.

We also found out today that French President Hollande will be joining Merkel and Samaras for talks about the Euro-zone. The schedule now stands that on August 23, Hollande and Merkel will meet in Berlin, the next day Merkel will host Greek PM Samaras. Then, Samaras will go to Paris to meet with Hollande.

Finally, we heard from the EU that Spain has yet to submit an official request for the 100 billion Euro bailout for its financial system, but the EU said they will be ready to deal with the request quickly.

Looking ahead, US housing starts and building permits for July are set to be released in the North American session. Housing starts are expected to have fallen 0.5%, while building permits will have risen 1.2% according to Bloomberg surveyed analysts.

EURGBP 15-minute: August 16, 2012

Sterling_Rallies_Against_the_Euro_Amidst_a_Quiet_Summer_Session_body_eurgbp.png, Sterling Rallies Against the Euro Amidst a Quiet Summer Session

--- Written by Benjamin Spier, DailyFX Research

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