Encouraging sounds emanating from the Brexit talks have given traders some hope that an agreement might be reached. That helped to push the Pound Sterling higher versus the Euro, but doubts remain in place which capped any additional gains and kept the bounce from approaching even this year's high. Nonetheless, the EUR/GBP touched on a 1-week peak and could make a move toward its largest 2-day gain in nearly nine months.
As reported at 11:19 am (BST) in London, the EUR/GBP was trading at 0.9005 Pence, up 0.16% and not too far from the session peak of 0.9019 Pence. The GBP/USD was lower at $1.3007, down 0.17%; the pair has ranged from a trough of $1.2990 to a peak of $1.3043.
Data Disappointment Sends Euro Lower
The Euro is under some pressure after the release of some economic data which disappointed generally. The European Commission reported that Consumer and Industrial Confidence Surveys came in as expected in August, at -1.9% and 5.5%, essentially flat and a decline from 5.8% in the previous period. The Economic Sentiment Indicator and Business Climate both missed the forecasts with lower readings at 111.6 and 122, with estimates at 111.9 and 128, respectively. The EUR/USD was lower as a result, at $1.171, down 0.04% and off the session trough of $1.16751.