The EUR/USD, arguably the most traded currency pair in the world, remains lower with the Euro under continued pressure despite the latest economic data. Eurostat reported earlier today that Industrial Production improved unexpectedly in August, beating expectations both on a month-over-month basis at 1.6% (against forecasts of 1.5%) and on a year-over-year basis at 1.8% (against forecasts of 1.1%). Mario Draghi, the head of the ECB, had said earlier this week that he was concerned over the impact that the Brexit was likely to have on the Eurozone which is still mired in economic stagnancy.
The EUR/USD was trading at $1.1025, down 0.24%; the pair has ranged from a session low of $1.1015 to a peak of $1.1070. The EUR/GBP was also lower at 0.8998 Pence, down 1.4268% and within striking distance of today’s low at 0.8963 Pence.
Sterling Boost Sustained
The Pound Sterling is continuing to recover lost ground against the greenback after UK legislators assured the Prime Minister that a “hard Brexit” is a less likely scenario now that she is willing to allow scrutiny of her planned Brexit process. Theresa May’s primary concern was that her negotiations with the members of the European bloc could somehow be undermined. May’s promise to share the process helped to lift the Pound away from Tuesday’s low of $1.2090. Currently, the GBP/USD pair is trading at $1.226, up 1.23%.