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EUR/USD Trades Sideways in a Slow Start to the Week

October 9, 2017 at 18:35 by Simon Mugo

Focus on 50-euro notesThe EUR/USD currency pair today traded sideways in a slow start to the week underpinned by an empty US docket due to the celebration of Columbus Day in the USA. Several releases from the European docket such as the German industrial production data boosted the currency pair for a while before the uptrend reversed later.

The currency pair was trading sideways for most of today’s session beginning with a downtrend in the late Asian session and spending most of the day in a 30 point range.

The currency pair’s lack of volatility was largely due to the empty US docket. Several releases from the EU docket lifted the currency pair higher for several hours before a downtrend ensued. The Federal Statistical Office released Germany’s industrial production data, which beat expectations by coming in at 2.6% on a monthly basis in August, as opposed to the expected 0.9% growth rate. The release of the Eurozone Sentix investor confidence index for October also lifted the pair as it was recorded at 29.7 versus the expected 28.5 print.

The pair had broken above this range at the time of writing after hawkish comments from Sabine Lautenschläger, the Vice-Chair of the European Central Bank‘s Supervisory Board. Sabine stated that he thinks the ECB should start reducing its balance sheet as early as next year.

The currency pair’s future performance is likely to be affected by tomorrow’s release of German trade balance data as well as political events in the USA.

The EUR/USD currency pair was trading at 1.1750 as at 18:33 GMT having rallied from a low of 1.1718 earlier today. The EUR/JPY currency pair was trading at 132.38 having rallied from a low of 131.94.

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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