EUR/GBP Weekly Fundamental Analysis, 2014, Forecast

12/10/2014 07:38 AST

The EUR/GBP is down 24 points trading at 0.7855 as both currencies weakened on lackluster data and IMF warnings as attention turned to the eurozone possible recession. Goods exports fell by £0.7bn to £23.2bn in August, the ONS said, although most of that was attributed to a fall in oil exports, particularly to countries outside of the EU.

Imports fell more, by £2bn, narrowing the goods trade deficit to £9.1bn. In contrast, the UK continues to run a surplus in its trade in services, selling more abroad than it buys in. Analysts said the narrowing of the trade deficit did not detract from concerns over the health of the eurozone, and the impact that is having on UK exports.

The euro moved higher Friday after European Central Bank President Mario Draghi said that the risks to the eurozone’s economic outlook remain on the downside. Speaking at an event in Washington, D.C., the ECB head stated that a European recovery is expected to resume. He also shared his view that inflation is expected to remain low in the coming months before ticking up in 2015 and 2016.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more recent analysis and information in our weekly reports and we provide daily updates and outlooks.


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