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Euro Rises on German Inflation Data and Flash US GDP Report

January 30, 2020 at 16:06 by Simon Mugo

A closeup on the euro noteThe euro today inched higher against the US dollar as it struggled to shake off the selling pressure that has kept the EUR/USD currency pair trading in a tight range. The single currency posted gains in the American session despite the release of mixed German inflation data accompanied by in-line preliminary US Q4 GDP figures.

The EUR/USD currency pair today rallied from a low of 1.1006 in the early European session to a high of 1.1036 in the American session and was near these highs at the time of writing.

The currency pair alternated between gains and losses during the Asian session with bulls and bears fighting for control of the world’s most traded pair. The pair recovered in the early European session but fell slightly after the release of the weak eurozone business climate indicator by the European Commission. The pair fell despite the announcement of the upbeat eurozone economic sentiment indicator. The upbeat eurozone unemployment rate report released by Eurostat lifted the pair. The pair recovered and rallied higher despite the release of mixed German CPI data by the Federal Statistical Office in the early American session.

The pair rallied higher despite the release of in-line US preliminary Q4 GDP report by the Bureau of Economic Analysis. The weak US initial jobless claims report released by the Department of Labor at the same time also fueled the pair.

The pair’s future performance is likely to be affected by tomorrow’s eurozone GDP report and multiple US releases.

The EUR/USD currency pair was trading at 1.1032 as at 16:05 GMT having rallied from a low of 1.1006. The EUR/JPY currency pair was trading at 119.93 having dropped from a high of 120.12.

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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