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Euro Ignores Upbeat German Data, Falls on Positive US Reports

November 27, 2019 at 18:01 by Simon Mugo

Various euro billsThe euro today fell against the US dollar negating yesterday’s gains as investors sold the single currency given the weak data coming out of the eurozone recently. The EUR/USD currency pair fell amid a lack of significant releases from the euro area, leaving the euro at the greenback’s mercy, which was quite strong and pushed the pair lower.

The EUR/USD currency pair today fell from an opening high of 1.1022 to a low of 1.0992 in the early American session and was off these lows at the time of writing.

The currency pair was under pressure from the start of today’s session following President Donald Trump‘s comments yesterday that the US and China were close to sealing a phase one deal. The release of the German import price index data for October by the Federal Statistical Office could not stop the pair’s decline. The import price index came in at -0.1%, beating consensus estimates set at -0.2%. The pair also had a muted reaction the upbeat French consumer confidence data for November released by Insee, which was recorded at 106 versus the expected 103 print. A speech by the European Central Bank‘s Chief Economist Philip Lane had a slightly positive impact on the pair.

The pair kept falling in the American session after the release of US preliminary Q3 GDP data by the Bureau of Economic Analysis and the upbeat US durable goods orders for October released by the Census Bureau.

The currency pair’s future performance will be affected by tomorrow’s multiple eurozone releases since US markets will be closed for Thanksgiving.

The EUR/USD currency pair was trading at 1.0999 as at 18:00 GMT, having fallen from a high of 1.1022. The EUR/JPY currency pair was trading at 120.37 having risen from a low of 120.06.

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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