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Euro Trades Flat As EU Leaders Meet to Discuss Top Jobs, Later Falls

May 28, 2019 at 15:49 by Simon Mugo

Euro coins and EUR banknotes closeupThe euro today dropped briefly against the US dollar in the Asian session before recovering and trading flat during the European session as the new EU leaders met to discuss top positions in the organization. The EUR/USD currency pair later fell back to its daily lows in the American session following the release of upbeat US consumer confidence data at the time.

The EUR/USD currency pair today hit a daily high of 1.1198 before falling to a low of 1.1168 in the American session and was near these lows at the time of writing.

The currency pair opened today’s session with a bearish bias driven by weak investor sentiment following President Donald Trump‘s comments yesterday. However, the pair rallied in the early European session, but gains were limited by the release of the weak German import price index. The Federal Statistical Office reported that both the monthly and annualized prints missed expectations by 0.2%. The disappointing German GfK consumer confidence survey for June also contributed to the pair’s losses. The upbeat eurozone economic sentiment indicator released by the European Commission drove the pair to its daily highs. However, the weak eurozone business climate indicator for May dragged the pair lower.

The pair dropped much lower in the American session following the release of the US consumer confidence index for May by the Conference Board.

The currency pair’s future performance is likely to be affected by German unemployment data and geopolitical headlines.

The EUR/USD currency pair was trading at 1.1181 as at 15:49 GMT having fallen from a high of 1.1198. The EUR/JPY currency pair was trading at 122.37 having dropped from a high of 122.70.

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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