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Home Forex News

EUR/GBP Recovers from One-week Low

Admin by Admin
September 7, 2022
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The EUR/GBP regained positive traction and moved away from a one-week low touched on Tuesday. The cross catches fresh bids on Wednesday and snaps a two-day losing streak to a one-week low, around the 0.8565 regions touched the previous day.

The cross adds to its intraday gains and hits a fresh daily high, around the 0.8630-0.8635 area during the first half of the European session.

The shared currency’s relative outperformance against its British counterpart comes amid mostly better-than-anticipated economic releases from the Eurozone. According to the official data released earlier this Wednesday, German Industrial Production fell by 0.3% in July against the 0.4% decline expected.

Furthermore, the Eurozone GDP was revised higher to show a growth of 0.8% during the second quarter of 2022 vs. 0.6% estimated previously.

Read Also- EUR/USD Recovers from 20-year Lows

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