The EUR/USD currency pair today slumped to new lows from daily highs set in the late Asian session, despite a raft of positive data from the Eurozone. The release of upbeat German factory orders for the month of October in the early European session could not lift the single currency.
The EUR/USD currency pair declined from its daily high set in the Asian session of 1.1848 to hit a low of 1.1800 and was on a downtrend at the time of writing.
The currency pair was on a downtrend from the early European session despite the positive German data released by the Federal Statistical Office. The Markit Germany Construction PMI came in at 53.1, which was lower than the previous 53.3, and could have dragged the euro lower. The Markit Germany Retail PMI was recorded at 54.6, which was higher than the previous 51.2, but could not lift the euro. German political headlines indicating that Angela Merkel might be close to inking a grand coalition government deal also could not lift the euro.
The US dollar was largely stronger against the euro for most of today’s session as tracked by the US Dollar Index, which hit a high of 93.48. The release of the US ADP employment change report in the early American session also served to drive the pair lower.
The currency pair’s future performance is likely to be impacted by tomorrow’s release of Eurozone GDP data and US initial jobless claims data.
The EUR/USD currency pair was trading at 1.1800 as at 14:23 GMT having dropped from a high of 1.1848 earlier today. The EUR/JPY currency pair was trading at 132.46 having declined from a daily high of 133.08.
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