Forex - EUR/GBP up as EU summit dominates sentiment
Investing.com
Published Oct 26, 2011 06:34AM ET
EUR/GBP hit 0.8719 during European late morning trade, the daily high; the pair subsequently consolidated at 0.8702, gaining 0.12%.
The pair was likely to find support at 0.8668, the low of October 21 and short-term resistance at 0.8732, the high of October 21.
Expectations for a breakthrough on a plan to tackle the debt crisis in the euro zone were dented after a meeting of the region’s finance ministers, scheduled to take place ahead of the summit, was cancelled.
Ahead of the meeting, incoming European Central Bank President Mario Draghi said European leaders must "immediately" activate facilities to confront the crisis, but added that each national government has to take "resolute and lasting" action to stabilize its own public finances.
The euro was also higher against the U.S. dollar, with EUR/USD easing up 0.13% to hit 1.3925.
Also Wednesday, the Confederation of British Industry said factory orders fell at their fastest pace in a year in October, while firms expected output to be hit amid ongoing uncertainty over the debt crisis in the euro zone.
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Written By: Investing.com
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