The euro today traded with significant moves in both directions within a wide range as the single currency was buffeted by shifting investor sentiment throughout the session. Investors reacted both positively and negatively to various key developments during the day such as the Markit Germany Services PMI causing the EUR/USD pair to whipsaw within a wide range.
The Japanese yen was among the strongest currencies on the Forex market today, though the currency has retreated by now. Poor domestic macroeconomic data had a limited impact on the currency.
The euro today was on a downtrend against the US dollar from the early Asian session as investors worried about the introduction of new car tariffs by the US. The pair spiked higher briefly in the early European session, but quickly gave up its gains following the release of weak macro data from across the eurozone.
The euro today rallied higher against the US dollar driven by investor hopes of a breakthrough in the ongoing Sino-US trade talks and a risk-on market sentiment. The EUR/USD currency pair’s performance today was largely driven by market sentiment given that US markets were closed in celebration of Presidents’ Day holiday.
The Japanese yen was the weakest major currency on the Forex market today amid risk appetite caused by optimism about Sino-US trade talks. Better-than-expected domestic macroeconomic data was unable to provide support for the Japanese currency.
The Japanese yen rose earlier today amid risk aversion caused by apparent lack of progress in the Sino-US trade talks. By now, though, the currency trimmed its gains, erasing them against some peers completely. Japan’s macroeconomic data released during the trading session was in line with expectations.
The euro today headed lower against the US dollar in the early European session before posting slight gains after the release of in-line eurozone Q4 GDP data. The EUR/USD currency pair later spiked higher following the release of disappointing US retail sales data for December.
The Japanese yen fell a bit after the release of a disappointing GDP report and was also under pressure from the risk-on market sentiment.
The US dollar was weak in the first half of Wednesday’s trading session but reversed losses versus some currencies later, erasing them against others outright. Slight miss of inflation print did not prevent the rebound. In fact, the greenback climbed after the worse-than-expected data.
The euro was weak across the board today. Market analysts explained the currency’s poor performance by worse-than-expected industrial production in the eurozone.
