TheÂ euro today rallied higher against theÂ US dollar despite theÂ release ofÂ positive US advance retail sales data inÂ theÂ early American session. TheÂ single currency was onÂ anÂ uptrend against theÂ greenback from theÂ early European session following aÂ resurgence inÂ theÂ selling pressure onÂ theÂ greenback.
TheÂ EUR/USD currency pair today gained over 68 points toÂ rally from aÂ low ofÂ 1.2323 toÂ aÂ high ofÂ 1.2394 inÂ theÂ early American session.
TheÂ euro’s rally against theÂ US dollar lacked any fundamental drivers except forÂ theÂ release ofÂ theÂ German wholesale price index byÂ theÂ Federal Statistical Office inÂ theÂ early European session. German wholesale prices remained stagnant inÂ March recording 0.0% growth, while maintaining theÂ annualized growth rate ofÂ 1.2%. TheÂ pair’s rally could also be attributed toÂ theÂ weakening ofÂ theÂ greenback asÂ tracked byÂ theÂ US Dollar Index, which hit aÂ low ofÂ 89.39 earlier today. TheÂ Commitments ofÂ Traders report released byÂ theÂ CFTC onÂ Friday could have also contributed toÂ theÂ rally.
TheÂ release ofÂ theÂ advance US retail sales data byÂ theÂ Census Bureau had aÂ muted impact onÂ theÂ currency pair. TheÂ advance retail sales grew byÂ 0.6% inÂ March, which was higher than theÂ expected 0.4% growth rate. TheÂ Empire State Manufacturing Index released byÂ theÂ Federal Reserve Bank ofÂ New York also came inÂ below expectations.
TheÂ currency pair’s future performance is likely toÂ be affected byÂ tomorrow’s German ZEW survey data, andÂ theÂ US housing starts data.
TheÂ EUR/USD currency pair was trading atÂ 1.2373 asÂ atÂ 16:06 GMT having rallied from aÂ low ofÂ 1.2323. TheÂ EUR/JPY currency pair was trading atÂ 132.70 having risen from aÂ low ofÂ 132.10.
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