Forex - EUR/GBP nears 6-month high after robust German jobs data
Investing.com
Published Apr 28, 2011 05:34AM ET
EUR/GBP hit 0.8916 during European morning trade, the daily high; the pair subsequently consolidated at 0.8913, gaining 0.24%.
The pair was likely to find support at 0.8845, Wednesday’s low and resistance at 0.8998, the high of March 30, 2010.
Unemployment in the euro zone’s largest economy fell more-than-expected in April, putting the adjusted total at a near two-decade low.
Germany’s federal labor agency said the number of persons actively searching for work fell by a seasonally adjusted 37,000, lowering the overall level to 2.9 million, its lowest point since June 1992.
The seasonally-adjusted unemployment rate was unchanged at a record low 7.1%, its lowest point since figures for a unified Germany were first published two decades ago.
The euro was also higher against the U.S. dollar, with EUR/USD climbing 0.42% to hit 1.4850.
Earlier Thursday, a report showed that consumer confidence in the U.K. unexpectedly tumbled to its lowest level since February 2009 in April.
The GfK NOP consumer confidence index fell to -31 in April from -28 in March, defying expectations for an unchanged reading.
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Written By: Investing.com
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