TheÂ euro today rallied against theÂ US dollar during theÂ European session after theÂ release ofÂ theÂ final Eurozone CPI data. TheÂ euro was onÂ aÂ downtrend against theÂ greenback during theÂ Asian session following theÂ risk-on sentiment inÂ theÂ global markets, which later resumed inÂ theÂ early American session.
TheÂ EUR/USD currency pair today rallied byÂ over 50 points from aÂ daily low ofÂ 1.2341 toÂ hit aÂ high ofÂ 1.2397 inÂ theÂ early American session.
TheÂ currency pair began today’s session onÂ aÂ subdued downtrend, but turned higher after theÂ release ofÂ theÂ Eurozone final CPI data byÂ Eurostat. TheÂ final EMU CPI print was downgraded toÂ anÂ annualized 1.3% inÂ March, which was slightly lower than theÂ preliminary reading ofÂ 1.4%. TheÂ core CPI print expanded inÂ line with expectations byÂ coming inÂ atÂ anÂ annualized 1.0%. TheÂ headline CPI also rose byÂ 1.0% onÂ aÂ monthly basis, which was inÂ line with expectations. TheÂ Eurozone construction output contracted byÂ 0.5% inÂ February coming inÂ atÂ anÂ annualized 0.4%.
TheÂ US dollar was under selling pressure during theÂ European session asÂ tracked byÂ theÂ US Dollar Index, which hit aÂ low ofÂ 89.45. TheÂ greenback recovered briefly during theÂ early American session causing theÂ currency pair toÂ decline. William Dudley‘s speech andÂ theÂ MBA mortgage applications data up toÂ April 13 had aÂ muted impact onÂ theÂ currency pair.
TheÂ currency pair’s future performance is likely toÂ be affected byÂ theÂ release ofÂ theÂ US Federal Reserve’s Beige Book later today, andÂ tomorrow’s jobless claims data.
TheÂ EUR/USD currency pair was trading atÂ 1.2372 asÂ atÂ 15:46 GMT having dropped from aÂ session high ofÂ 1.2397. TheÂ EUR/JPY currency pair was trading atÂ 132.73 having rallied from aÂ low ofÂ 132.35.
If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.