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by ForexNewsNow Team on December 7, 2010

EUR/GBP falls ahead of UK manufacturing and industrial data

NEW YORK (Forex News Now) – The euro fell against the pound on Tuesday, ahead of the release of data on the value of British manufacturing and industrial output.

In early European currency market trading, EUR/GBP hit 0.8451, down 0.20 percent on the day.

National Statistics is due to release two reports at 9:30 A.M., GMT: the total inflation-adjusted value of output produced by manufacturers in October is expected to rise by 0.4% from a rise of 0.1% the previous month; however, the value of output produced by manufacturers, mines and utilities is expected to rise by just 0.3%, down from a rise of 0.4% the previous month.

According to EUR/GBP analysis, cable was likely to touch support around the low of Dec. 1, 0.8335, and to encounter resistance around the high of Nov. 19, 0.8570.

The euro’s fall also came as it remained vulnerable while European policymakers failed to reach a concrete agreement over how to handle the region’s growing debt crisis.

Elsewhere, the euro rose against the yen: EUR/JPY traded at 110.16, up 0.14% according to intraday analysis.

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