EUR/GBP Pares Losses After Downbeat Housing Data From UK, Trades Around 0.8550

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EUR/GBP trims intraday losses after weaker Nationwide Housing Prices data from the United Kingdom.

Germany’s HCOB Manufacturing PMI increased to 41.9 in March, from the previous reading of 41.6.

UK Housing Prices stood at 1.6% in March, falling short of the expected 2.4% rise.

EUR/GBP trims intraday losses after weaker housing data from the United Kingdom (UK). However, the cross remains in the negative territory and trades around 0.8550 during the European trading hours on Tuesday.In March, non-seasonally adjusted Nationwide Housing Prices witnessed a year-over-year increase of 1.6%, falling short of market expectations of a 2.4% rise and trailing the previous figure of 1.2%. The monthly index indicated a decrease of 0.2%, contrary to the anticipated increase of 0.3% and the previous increase of 0.7%. Traders are expected to evaluate the UK economic landscape by closely monitoring key indicators such as the S&P Global PMI and Halifax House Prices data.BoE Governor Andrew Bailey remarked that market forecasts for three quarter-point rate reductions in 2024 are reasonable noting that the UK central bank isn’t observing significant persistent inflationary pressures. These statements have fueled expectations for the  to implement interest rate cuts in June, consequently exerting downward pressure on the Pound Sterling (GBP).Germany’s HCOB Manufacturing PMI rose to 41.9 in March, from the previous reading of 41.6. Furthermore, traders await Consumer  (CPI) data from Germany scheduled to be released later in the day. Wednesday brings Harmonized Index of Consumer Prices (HICP) data from the .The Euro struggles after the dovish remarks from the European Central Bank’s (ECB) members, which in turn, undermined the  cross. ECB Governing Council member Yannis Stournaras proposed on Sunday that there could be a total of four interest rate cuts in 2024, amounting to a cumulative reduction of 100 basis points (bps) by the end of the year. Additionally, ECB policymaker Robert Holzmann indicated that interest rate cuts are probable, contingent upon the evolution of wage and price dynamics by June.
 EUR/GBP

OVERVIEW Today last price 0.8556 Today Daily Change -0.0003 Today Daily Change % -0.04 Today daily open 0.8559 TRENDS Daily SMA20 0.8551 Daily SMA50 0.8548 Daily SMA100 0.8592 Daily SMA200 0.8608 LEVELS Previous Daily High 0.8563 Previous Daily Low 0.8539 Previous Weekly High 0.8593 Previous Weekly Low 0.853 Previous Monthly High 0.8602 Previous Monthly Low 0.8504 Daily Fibonacci 38.2% 0.8554 Daily Fibonacci 61.8% 0.8548 Daily Pivot Point S1 0.8544 Daily Pivot Point S2 0.853 Daily Pivot Point S3 0.852 Daily Pivot Point R1 0.8569 Daily Pivot Point R2 0.8578 Daily Pivot Point R3 0.8593

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