The EUR/USD currency pair today traded in a tight range despite the positive economic report released by European Central Bank during the European session. The US dollar was also flat during today’s session as tracked by the US Dollar Index, which was trading below its opening price of 97.55 for most of the day’s session.
The currency pair was trading within a 30 point range for most of the day with a high being set at 1.1179 during the European session.
The currency pair was trading in a range with the euro gaining minimal ground against the US dollar during the early European session. Moreover, the release of the latest ECB economic bulletin did little to boost the euro as it continued to demonstrate lackluster performance. The Eurozone Consumer Confidence report released by the European Commission exceeded expectations, but could not boost the currency pair.
Although the US dollar was stronger against the euro during the North American session, the sentiment around the greenback was largely weaker across the board. The US initial jobless claims released by the Department of Labor today did not meet expectations as they came in at 241,000 versus the expected 240,000. The continuing claims also disappointed as they were higher than the market consensus.
The currency pair’s future performance is likely to be affected by the release of numerous Markit reports regarding the Eurozone, and the conclusion of the European Council meeting, both scheduled for tomorrow.
The EUR/USD currency pair was trading at 1.1159 as at 15:22 GMT having dropped from a high of 1.1180. The EUR/JPY was trading at 124.28 having risen from a low of 123.79.
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