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Euro Hits New Highs Against US Dollar on Weak US Trade Data

December 28, 2017 at 15:16 by Simon Mugo

Euro banknotes and coinsThe euro today hit new highs against the US dollar after the release of soft US advance goods trade balance data among other releases. The EUR/USD currency pair today reversed a dip that occurred during the mid-European session boosted by falling US Treasury yields.

The EUR/USD currency pair today rallied by over 50 points from a low of 1.1895 in the Asian session to a high of 1.1950 in the American session.

The euro today rallied higher during the Asian session to hit new intra-day highs in the early European session. The currency pair reversed its uptrend slightly during the mid-European session after the European Central Bank published its economic bulletin. The currency pair rallied higher after the release of US trade deficit data by the Census Bureau, which was higher than expected as it came in at $69.7 billion, versus the expected $67.9 billion. The advance wholesale inventories released today also contributed to the pair’s decline as they were higher than expected.

The US dollar declined significantly against its peers today as tracked by the US Dollar Index, which hit a low of 92.62. The release of the weekly initial jobless claims data by the Department of Labor also contributed to the greenback’s weakness as it was recorded at 245,000 versus the market consensus of 240,000.

The currency pair’s future performance is likely to be affected by tomorrow’s release of German CPI data amid an empty US docket.

The EUR/USD currency pair was trading at 1.1947 as at 15:12 GMT having rallied from a daily low of 1.1895. The EUR/JPY currency pair was trading at 134.92 having risen from a low of 134.41.

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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