EURGBP Euro vs Pound Sterling

The euro showed muted trading against its major counterparts in the European trading session on Thursday, after minutes from the European Central Bank's January meeting showed that policymakers agreed that the latest data pointed to a moderate growth in the euro area economy, but they would await additional data to see if there were firmer grounds for optimism.

Incoming economic data confirmed the Governing Council's previous assessment of ongoing but moderate growth, with slightly more positive signals from forward-looking indicators, the minutes of the bank's January 22-23 meeting showed.

Considering the tentative signs of stabilization in the euro area economy, the Governing Council would await further data to see if there were firmer grounds for optimism.

Members assessed that underlying inflation had remained generally muted, although there were further indications of a moderate increase in line with previous expectations.

The risk of adverse spillovers from the continued weakness in the manufacturing sector to other sectors of the economy still required to be monitored closely.

Survey by the market research firm GfK showed that Germany's consumer confidence is set to ease slightly in March, as a modest gain in economic expectations were offset by moderate losses in income outlook and the propensity to buy.

The forward-looking GfK consumer confidence index fell to 9.8 points for March from 9.9 in February. That was in line with economists' expectations.

The currency showed mixed trading in the Asian session. While it held steady against the franc and the pound, it rose against the greenback and the yen.

The EUR/GBP pair touched a weekly high of 0.8397 earlier in the session and held steady in subsequent deals. At Wednesday's close, the pair was valued at 0.8358.

The euro bounced off to 1.0806 against the greenback, from an early near a 3-year low of 1.0778, and traded steadily thereafter. This may be compared to a 2-day peak of 1.0815 set in the Asian session. On the upside, resistance is seen closer to the 1.10 level.

After approaching a fresh 2-week peak of 121.10 against the yen at 5:45 am ET, the single currency held steady. The pair had finished Wednesday's trading at 120.31.

The euro slipped to a day's low of 1.0606 against the franc earlier in the session and moved sideways thereafter. At yesterday's trading close, the pair was worth 1.0632.

Data from the Federal Customs Administration showed that Switzerland's exports rose for the first time in four months, while imports declined in January.

Exports increased by a real 1.7 percent month-on-month in January, whereas imports fell 1.8 percent.

Looking ahead, U.S. leading indicators for January are scheduled for release at 10:00 am ET.

Simultaneously, Eurozone consumer sentiment for February is set for release.

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