ExchangeRates.org.uk – Although muted against the Pound (GBP) the Euro (EUR) managed to firm against several of its counterparts on Thursday despite the publication of some lower-than-expected domestic data.The latest Eurozone retail sales index fell from a previous reading of 0.5% down to -0.5% in October, below forecasts of a more modest -0.3% expectation.
The data marked the Bloc’s first contraction within the retail sector in the last three months, however, didn’t stop the common currency from ticking up.
This was partly due to a declining (USD), on the back of the currency’s negative correlation.
On Thursday, the Pound (GBP) maintained its stability against most of its counterparts, even in the absence of significant domestic data releases.
Despite the lack of fresh economic figures, GBP managed to stay afloat, bolstered by the generally positive trading environment.
As a currency that is increasingly responsive to market sentiment, the upbeat mood on Thursday helped keep GBP exchange rates steady throughout the data-sparse session.
Forecast: Eurozone GDP in the Spotlight
Looking forward, the primary driver of movement for the Pound Euro exchange rate looking ahead to Friday will likely be the publication of the Eurozone’s latest GDP estimate for the third quarter of the year.
Should the data match expectations and show a growth in GDP, which is expected to report a rise from 0.2% to 0.4%, Euro exchange rates could be bolstered at the end of this week.
Turning to the Pound, UK data will once again be absent from Friday’s data calendar, and as such, will likely see Sterling trading without a clear trajectory.
This content was originally published on ExchangeRates.org.uk
