United Kingdom CBI Industrial Trends Survey - Orders (MoM) below expectations (3) in May: Actual (-5)

FXStreet.com (Barcelona)

May 21, 2015

GBP/USD testing highs near 1.5670

The British pound extends its upward trajectory and firms against the American dollar in the European session, with GBP/USD heading towards 1.57 handle, mainly driven by upbeat UK retail sales numbers which rose sharply in April. While broad based US dollar weakness also contributes to the upside in the major.

DAX in red post EZ PMIs

Germany’s benchmark index, the DAX opened on a weaker note, with a negative gap of nearly 40 points as markets were left unimpressed after the PMI report missed estimates and as talks on Greece are due to resume at the EU Summit in Riga.