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Euro Crashes on Mixed Eurozone Reports and Upbeat US Prints

December 20, 2019 at 15:57 by Simon Mugo

Various euro billsThe euro today crashed against the US dollar following the release of mixed data from the euro area as market sentiment remained decisively bearish. The EUR/USD currency pair fell to new 1-week lows in the American session following the release of upbeat US Q3 GDP data.

The EUR/USD currency pair today fell from a high of 1.1123 in the early European session to a low of 1.1081 in the American session and was heading lower at the time of writing.

The currency pair headed lower at the start of today’s session driven largely by the strong greenback as investors sold the single currency. The currency pair kept falling after the release of the German GfK consumer confidence survey for December, which came in at 9.8 missing analysts expectations set at 9.9. The release of the upbeat eurozone current account data for October by the European Central Bank had a muted impact on the pair. The upbeat French producer prices report for November released by Insee also did not help the pair. The positive Italian consumer confidence report for December released by Istat also had minimal impact on the pair.

The release of the US Q3 GDP data by the Bureau of Economic Analysis contributed to the pair’s decline as the print met expectations set at 2.1%. The upbeat US personal consumption expenditure for November and the positive Univesity of Michigan consumer sentiment survey all drove the pair lower.

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

The EUR/USD currency pair was trading at 1.1085 as at 15:56 GMT having fallen from a high of 1.1123. The EUR/JPY currency pair was trading at 121.28 having dropped from a high of 121.68.

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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