Euro edges down against British Pound despite upbeat German Consumer Confidence data
The Euro (EUR) is trading higher for the third consecutive day against the British Pound (GBP) on Thursday, but the pair keeps ticking down from session highs at the European opening time, despite the bright German GfK Consumer Sentiment data released earlier on the day.
The Euro edged lower against the British Pound on Thursday, despite upbeat German consumer confidence figures. The EUR/GBP pair traded at 0.8575, slipping from its intra-day highs near 0.8580 during Asian trading hours. German consumer confidence for September improved to -26.6, from -29.4 in August, better than the expected -29.6.
The improvement was attributed to a significant rise in income expectations and a decline in saving inclination. German GDP grew by 0.3% in the latest quarter, matching first-quarter expansion, while the yearly growth reached 1%, a revision from the previous 0.9%. The IFO Business Climate Index reached its highest level in the past 12 months, boosting investors' confidence in the Eurozone's leading economy.
The UK market remained relatively quiet, with the Pound trading lower against major currencies. Rabobank analysts forecast a 3-month EUR/GBP rate of 0.87, given the possibility of a rate hike by the Federal Reserve. The EUR/USD pair rose to 1.1655 during the early Asian session, supported by a hawkish European Central Bank stance.
Gold underperformed, staying below its May 14 peak. Cryptocurrency markets remained positive, with Bitcoin above $78,000.
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