TheÂ EUR/USD currency pair today fell toÂ new multi-month lows after theÂ release ofÂ disappointing French GDP data among other macro releases from theÂ euro block. TheÂ pair’s decline was further accelerated byÂ theÂ release ofÂ upbeat Q1 GDP data from theÂ USA.
TheÂ EUR/USD currency pair lost over 60 points toÂ decline from anÂ initial high ofÂ 1.2116 toÂ aÂ low ofÂ 1.2053, but later rebounded.
TheÂ currency pair’s decline started inÂ theÂ late Asian session andÂ was accelerated byÂ theÂ release ofÂ theÂ French GDP data forÂ Q1, which missed expectations byÂ coming inÂ atÂ anÂ annualized 2.1%, versus theÂ expected 2.3% print. TheÂ release ofÂ theÂ German import price index andÂ theÂ latest German employment report byÂ theÂ Federal Statistical Office also contributed toÂ theÂ pair’s decline. TheÂ German jobless claims data met expectations byÂ coming inÂ atÂ 5.3%, while theÂ number ofÂ persons inÂ employment increased byÂ 1.4%. TheÂ release ofÂ theÂ Eurozone economic sentiment indicator triggered aÂ brief rally inÂ theÂ pair asÂ it beat expectations byÂ coming inÂ atÂ 112.7 versus theÂ expected 112.0.
TheÂ release ofÂ theÂ US Q1 GDP data inÂ theÂ early American session byÂ theÂ Bureau ofÂ Economic Analysis also contributed toÂ theÂ pair’s decline as the GP came inÂ atÂ anÂ annualized 2.3% versus theÂ expected 2.0% print. TheÂ University ofÂ Michigan consumer sentiment index also contributed toÂ theÂ decline byÂ coming inÂ atÂ 98.8 versus theÂ expected 98.0.
Given theÂ upcoming weekend, theÂ currency pair’s future performance is likely toÂ be influenced byÂ political events inÂ both theÂ Eurozone andÂ theÂ USA.
TheÂ EUR/USD currency pair was trading atÂ 1.2110 asÂ atÂ 15:23 GMT having rebounded from aÂ daily low ofÂ 1.2053. TheÂ EUR/JPY currency pair was trading atÂ 132.05 having declined from aÂ high ofÂ 132.36.
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