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Euro Drops on Mixed Euro Area Data, Rallies on Weak US Data

March 15, 2019 at 17:26 by Simon Mugo

Counting 50-euro billsThe euro today headed lower in the early European session following the release of mixed data from across the euro area before rallying higher later. The EUR/USD currency pair recovered in the early American session following the release of disappointing American industrial data.

The EUR/USD currency pair today rallied from an intra-day low of 1.1299 to a high of 1.1344 in the American session, before retracing some of its gains.

The currency pair headed higher in the Asian session amid positive investor sentiment following yesterday’s pullback. The pair rallied higher following the release of the German wholesale price index for February by the Federal Statistical Office, which was better than previous figures.The release of the Italian industrial sales data for February by Istat could not stop the pair’s decline despite being positive. The eurozone consumer price index data for February released by Eurostat was in line with expectations, but had a muted impact on the currency pair. The weak Italian CPI data released shortly afterwards drove the pair lower after missing consensus estimates by a large margin.

The pair rallied higher after the release of the US industrial production data by the Federal Reserve in the early American session as the prints missed expectations. The release of the upbeat University of Michigan consumer sentiment survey later in the session did not reverse the rally.

The currency pair’s future performance is likely to be affected by geopolitical events over the upcoming weekend.

The EUR/USD currency pair was trading at 1.1319 as at 17:20 GMT having dropped from a high of 1.1344. The EUR/JPY currency was trading at 126.19 having declined from a high of 126.57.

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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