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Euro edges up vs pound after stronger German sentiment data

EUR/GBP climbed to session highs around 0.8555, near the top of the weekly range near 0.8560, as German sentiment improved while UK employment data disappointed.

Reported · Written up by our desk · Major Pairs

The euro inched higher against the British pound on Tuesday, with EUR/GBP crawling to session highs around 0.8555 as the pair moved closer to the top of its weekly range near 0.8560, according to FXStreet.

FXStreet attributed the move to upbeat German economic sentiment. Data from the ZEW Institute showed Germany’s Economic Sentiment Index rose to 34.2 in August from 26.3 in July, beating expectations, and also showed improved readings for institutional sentiment about the current situation and expectations for the Eurozone economy.

In the UK, June employment data failed to persuade investors, FXStreet said. The ILO unemployment rate stayed at 4.9% in the three months to June, while wage growth ticked up to 3.5% year-on-year, even as employment growth slowed.

FXStreet also noted that the ZEW report warned about record low water levels in the Rhine posing a threat to economic activity, a factor that could weigh on growth expectations despite the survey improvement.

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