Investing.com – The euro trimmed gains against the pound on Wednesday, retreating from the daily high, after data showed that manufacturing activity in the U.K. rose unexpectedly in November, rising to the highest level since September 1994.
EUR/GBP retreated from 0.8396, the daily high, to hit 0.8371 during European morning trade, gaining 0.37%.
The pair was likely to find support at 0.8308, the low of September 16 and resistance at 0.8448, Tuesday’s high.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October. Analysts had expected the manufacturing PMI to fall to 54.7 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.74% to hit 1.3078.
Earlier Wednesday, official data showed that German retail sales rose significantly more-than-expected in October, hitting a 3-month high.
EUR/GBP retreated from 0.8396, the daily high, to hit 0.8371 during European morning trade, gaining 0.37%.
The pair was likely to find support at 0.8308, the low of September 16 and resistance at 0.8448, Tuesday’s high.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.0 in November, after rising to 54.9 in October. Analysts had expected the manufacturing PMI to fall to 54.7 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “The reported increase in purchasing activity based on strong new orders points to ongoing recovery and renewed confidence.”
The euro was also up against the U.S. dollar, with EUR/USD gaining 0.74% to hit 1.3078.
Earlier Wednesday, official data showed that German retail sales rose significantly more-than-expected in October, hitting a 3-month high.