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Euro Trades Sideways Amid Positive Releases and USD Weakness

November 19, 2019 at 18:16 by Simon Mugo

Assorted stacks of euro coins with euro banknotesThe euro today traded sideways against the US dollar amid positive releases from across the euro area and risk-off market sentiment. The EUR/USD currency pair was not very active today as the data released from the eurozone was deemed inconsequential.

The EUR/USD currency pair traded in a tight range between a high of 1.1084 and a low of 1.1063 as neither buyers nor sellers wanted to take control of the markets.

The currency pair dipped lower at the start of today’s session before inching higher slowly during the Asian session before dropping suddenly in the early European session. The sudden pullback was attributed to the pair finding strong resistance from sellers at a crucial technical level (the 21-day SMA). The release of Italy’s industrial sales report by Istat two hours later barely moved the pair despite the data being positive. The release of the positive eurozone current account data for September by the ECB also had a muted impact on the pair despite the print coming in at 28.2 billion beating expectation set at 24.5 billion. The mixed eurozone construction output report for September released by Eurostat also did not help the pair.

The pair made slight gains in the American session despite the release of mostly positive US housing starts and building permits report by the Census Bureau. The greenback remained weak amid speculation that the US and China may not agree on a trade deal.

The currency pair’s future performance is likely to be affected by tomorrow’s German PPI data and trade headlines.

The EUR/USD currency pair was trading at 1.1079 as at 18:15 GMT having risen from a low of 1.1063. The EUR/JPY currency pair was trading at 120.23 having dropped from a high of 120.49.

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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