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EUR/USD Trades Sideways on Weak German Trade Balance Data

August 8, 2017 at 13:58 by Simon Mugo

Mixed euro billsThe EUR/USD currency pair today traded sideways for most of the European session as the markets reacted to empty dockets both in Europe and the United States. The release of the German trade balance data late in the Asian session did not provide any impetus to the single currency as the pair continued to trade sideways.

The EUR/USD pair was trading in a 27 point range for most of today’s session ahead of the beginning of the North American session.

The currency pair was trading with a neutral bias given that there were minimal macro releases from the European docket. The release of the German trade balance report for the month of June by the Federal Statistical Office also had minimal impact on the currency pair. The trade balance figures missed expectations as they came in at €22.3 billion versus the market consensus of €23 billion. The German current account data was also below expectations as it came in at €23.6 billion versus the expected €24.5 billion.

The release of the positive US NFIB small business optimism index for July also did not have a major impact on the currency pair. The index came in at 105.2, which was higher than the market consensus of 103.5.

The currency pair’s future performance is likely to be affected by the release of the US JOLTS job openings data, which is scheduled for 14:00 GMT today.

The EUR/USD currency pair was trading at 1.1808 as at 13:53 GMT having declined from a high of 1.1823 earlier today. The EUR/JPY was trading at 130.30 having declined from a high of 130.82 in the Asian session.

If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.

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