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Euro Trades Sideways on Mixed US GDP and Upbeat German CPI

October 30, 2019 at 14:28 by Simon Mugo

Stacks of shiney euro coins plus some notesThe euro today traded sideways against the US dollar following the release of mixed US GDP data in the early American session. The EUR/USD currency pair fell slightly on the upbeat US releases, but its decline lacked conviction following the release of upbeat German consumer data.

The EUR/USD currency pair today traded between a high of 1.1127 and a low of 1.1102 and was trading within this range at the time of writing.

The currency pair traded sideways at the start of today’s session before rallying briefly in the early European session. The upbeat French preliminary GDP data for Q3 released by Insee could have triggered the gains. The pair fell despite the release of the upbeat initial CPI data from Spain and the mixed German unemployment data released by the Federal Statistical Office. German unemployment remained stable at 5%, while the number of unemployed people grew by 6,000. The pair rallied after the release of the improved eurozone business climate indicator for October. The weak eurozone economic sentiment indicator and industrial confidence print released by the European Commission curtailed the pair’s rally.

The pair fell briefly after the release of the mixed US Q3 GDP data by the Bureau of Economic Analysis but quickly recovered. The pair fell despite the release of the upbeat German preliminary Consumer Price Index data for October 30 minutes later.

The currency pair future performance is likely to be affected by the US FOMC rate decision slated for 18:00 GMT today.

The EUR/USD currency pair was trading at 1.1115 as at 14:27 GMT having dropped from a high of 1.1127. The EUR/JPY currency pair was trading at 121.04 having risen from a low of 120.88.

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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