4 Global Market Updates- 7 September, 2022

 

In this article, we have covered the highlights of global market news about the EUR/GBP, XAG/USD, EUR/USD and USD/CNH.
EUR/GBP slowly rebounds up around the mid-0.8600s after falling to a one-week low.

On Wednesday, new bids are received on the EUR/GBP cross, which ends a two-day losing run and drops to a one-week low at the 0.8565 area hit the day before. In the first half of the European trading session, the cross continues to rise during the day and reaches a new daily high in the range of 0.8630 and 0.8635.

The relative success of the common currency over the pound comes despite mostly better-than-expected economic data from the Eurozone. In contrast to the 0.4% drop predicted, German Industrial Production declined by 0.3% in July, according to official figures published earlier this Wednesday. Additionally, the initial estimate for the second quarter of 2022’s GDP for the Eurozone was revised upward to reflect growth of 0.8% rather than 0.6%.

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