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Euro Edges Higher Against Dollar Reversing 3-Day Slump on Upbeat Mood

January 12, 2021 at 18:16 by Simon Mugo

Euro coins and EUR banknotes closeupThe euro today inched higher against the US dollar reversing a 3-day downtrend fueled by the positive investor sentiment but posted slight gains. The EUR/USD currency pair ended up trading largely sideways albeit with a bullish bias amid rising coronavirus cases as euro area countries extend lockdowns.

The EUR/USD currency pair today traded between a low of 1.2136 and a high of 1.2178 and was within this range at the time of writing.

The currency pair today traded sideways amid a mostly empty European docket as European countries continue to struggle with rising coronavirus infections. German Chancellor Angela Merkel’s decision to extend the national lockdown to January 31 limited the euro’s gains. The release of Italy’s retail sales report for November by Istat had a muted impact on the pair. The euro got a boost after European Union President Ursula von der Lyen announced that AstraZeneca had applied to the European Medicines Agency (EMA) to approve its COVID-19 vaccine. A senior EU health official added that the AstraZeneca vaccine could be approved by the end of the month.

The currency pair’s price action today mirrored the greenback’s trading as tracked by the US Dollar Index, which traded sideways with a bearish bias today. The disappointing US JOLTS job openings data for November came in at 6.527 million versus the expected 6.916 million lifted the pair during the American session.

The currency pair’s future performance is likely to be affected by tomorrow’s multiple euro area and US macro reports.

The  EUR/USD currency pair was trading at 1.2176 as at 18:15 GMT having risen from a low of 1.2136. The EUR/JPY currency pair was trading at 126.65 having fallen from a high of 126.86.

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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