Germany's disappointing IFO data for October dragged down the EUR/USD pair in today's trading. From 104.2, expectations fells to 103.6, which was lower than the expected 104.5. Meanwhile, the business climate also fell during the same period from 107.7 to just 107.4. Analysts' expectations were at 108.0. Then finally, the current assessment also came in lower from the previous 111.4 to 111.3. Expectation was at 111.6.
The Eurozone also posted disappointing numbers, as its money supply fell from the previous 2.3% to just 2.1% in September on a YoY basis. Meanwhile, it was only at 2.2% over the past three months until September, both lower the previous figure at 2.3% and the expectation at 2.4%. Then finally, private loans in September was as expected at - 1.9%, which came out slightly higher than the previous - 2.0%.
The news caused the EUR/USD pair to slide in today's trading session and is currently trading at 1.3800. Initial resistance for the pair is at 1.3847, followed by 1.3882. Meanwhile, initial support is at 1.3782, followed by 1.3748.
Combined with the poor European data, the UK's positive GDP, meanwhile, helped drag down the EUR/GBP pair. GDP for Q3 was at 1.5% on a YoY basis and 0.8% (up from the previous 0.7%%) on a QoQ basis. The YoY data showed that the UK is currently in its fastest level of growth in three years.
The pair slid to the 0.8350 zone earlier today, but has managed to recover slightly above the 0.8500 area. It is currently trading at 0.8520, with initial resistance at 0.8538, followed by 0.8559. Meanwhile, initial support is at 0.8487, followed by 0.8465.
The UK GDP also pushed the GBP/USD higher in today's session. It peaked today at the 1.6230 zone, but was since dragged down below the 1.6200 area over the past few hours. The pair is currently trading at 1.6196, with initial resistance at 1.6257, followed by 1.6298. Meanwhile, initial support is at 1.6169, followed by 1.6129.
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