The euro failed to mount a significant challenge when coming under pressure in what has been a quiet week this far. German manufacturing PMI appears unlikely to change that
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Tomorrow’s German manufacturing PMI figure is unlikely to produce a massive market response as the manufacturing sector in Germany remains extremely subdued.ECB officials have been out in their droves talking up the likelihood of a rate cut in June but many have cautioned restraint in getting ahead of things thereafter. June may prove to be a ‘hawkish cut’ or a cut followed by a clear desire to implement a slow and steady approach to future rate cuts.
The pair now tests channel support as the nearest obstacle to the shorter-term bearish move. The ascending channel remains intact, maintaining the broader EUR/USD uptrend. EUR/GBP broke beneath trendline support but has pulled higher from the intra-day low to trade at the 0.8515 level. The 0.8515 level propped up prices in June and August 2023 and for the most part of 2024 as well. A daily close below 0.8500 would suggest the bearish momentum could extend to create a new yearly low. Resistance rests at the prior trendline support, now resistance.
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