EUR/GBP moves in the positive direction after recovering intraday losses on Friday. UK Retail Sales MoM printed 0.0% for February, against the expected decline of 0.3%. German Import Price Index MoM reported a flat 0.0% for January, contrary to the expected decline of 0.3%. The cross remains in negative territory despite positive Retail Sales data from the United Kingdom . UK Retail Sales for February showed no growth, printing a reading of 0.0%, compared to the expected decline of 0.
On the other hand, the Euro faced downward pressure on the latest Purchasing Managers Index survey by HCOB on Thursday revealing that the Eurozone Manufacturing PMI for March was 45.7, lower than the previous reading of 46.5, and below the consensus forecast of 47.0. However, the Services PMI improved to 51.1 in March from 50.2 in February, surpassing the estimated 50.5. The Eurozone PMI Composite rose to 49.9 in March, compared to the expected 49.7 and the previous reading of 46.3.
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