Forex: EUR/GBP: Eurozone’s Current Account surplus at €13.7 billion in September

on Nov 18, 2013
Updated: Oct 21, 2019
Listen Monday, November 18th:_ In trading last week the EUR/GBP scored a 0.31 percent gain, opening at 0.8339 and closing at 0.8370. The pair initially rose to 0.8462 – the highest point since 4 November – but was rejected by the falling 89-period simple moving average on the 4H time scale and then retraced. The price has been encountering resistance at the descending 200-hour SMA since 14 November.

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Asian trading today in the pair opened at 0.8366, with the price then dropping to an intraday low so far at 0.8360 before subsequently climbing to an ongoing high at 0.8388. Currently the quote is at 0.8385.
The Rightmove UK House Price Index m/m for this month has been released today, with a fall of 2.4 percent to 200.3 points, following a 2.8 percent increase in October. Compared with November 2012 the index is up four percent – the fastest rate of growth since 2007. The average price of a house in the UK is now at £246,237.

The Eurozone Current Account surplus narrowed in September, after rising in August. The Current Account Balance, a broad measure of international financial transactions in the region, fell to €13.7 billion in surplus with an upwardly revised €17.9 billion surplus in August.

The data indicates that the euro area is exporting more than it imports, with exports targeted as a major source of economic growth, while fiscal austerity measures have led to downward pressure on import pricing. A combination of stagnation, weak price pressures and high unemployment continues to have a negative impact in the region.
At their weekend meeting in Brussels, Eurozone finance ministers agreed on rules as to how public funds should be disbursed to banks found to have insufficient capital in the forthcoming examination of bank balance sheets. The finance ministers also agreed on how they would deal with deficiencies identified by asset quality and stress testing checks by the European Central Bank. As finally worded, the decisions reassure Germany that its legislature will have the right to veto any direct assistance from the Eurozone rescue mechanism (ESM). Direct funding of banks via the ESM will be applied only after the bailout has been approved by the Eurozone and the region’s national parliaments.
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Today’s resistances: 0.8380, 0.8400 and 0.8440.
Supports: 0.8360, 0.8340 and 0.8325.
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