TheÂ euro today was onÂ aÂ downtrend against theÂ US dollar following theÂ release ofÂ weak PMI data from across the Eurozone byÂ IHS Markit. TheÂ euro’s downtrend was further accelerated byÂ theÂ release ofÂ disappointing Eurozone retail sales data forÂ March inÂ theÂ early European session.
TheÂ EUR/USD currency pair today lost over 80 points toÂ decline from aÂ high ofÂ 1.1995 toÂ aÂ low ofÂ 1.1910.
TheÂ currency pair was onÂ aÂ downtrend from theÂ late Asian session andÂ theÂ release ofÂ theÂ Markit Germany Services PMI, which came inÂ atÂ 53.0, asÂ compared toÂ theÂ expected 54.1 accelerated theÂ pair’s decline. TheÂ Markit Eurozone Services PMI also contributed toÂ theÂ decline byÂ coming inÂ atÂ 54.7 versus theÂ expected 55.0. Later on, theÂ release ofÂ theÂ Eurozone retail sales data byÂ Eurostat also affected theÂ pair negatively asÂ retail sales grew byÂ 0.1% inÂ March asÂ compared toÂ theÂ forecasted 0.5% growth rate. TheÂ retail sales came inÂ atÂ anÂ annualized 0.8% versus theÂ consensus estimate ofÂ 1.9%.
TheÂ pair’s decline extended into theÂ early American session following theÂ release ofÂ theÂ Change inÂ non-farm payrolls data byÂ theÂ Bureau ofÂ Labor Statistics. TheÂ NFP came inÂ atÂ 164,000 versus theÂ expected 193,000. TheÂ US unemployment rate came inÂ atÂ 3.9% versus theÂ forecasted 4.0%, while theÂ average hourly earnings grew byÂ 0.1% asÂ opposed toÂ theÂ expected 0.2% growth rate.
Given theÂ upcoming weekend, theÂ pair’s future performance is likely toÂ be influenced byÂ geopolitical events from both theÂ USA andÂ theÂ Eurozone.
TheÂ EUR/USD currency pair was trading atÂ 1.1942 asÂ atÂ 16:31 GMT having dropped from aÂ high ofÂ 1.1995. TheÂ EUR/JPY currency pair was trading atÂ 130.33 having declined from aÂ high ofÂ 130.88.
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