TheÂ euro today retraced most ofÂ its gains against theÂ US dollar following theÂ release ofÂ German CPI data inÂ theÂ mid-European session. TheÂ EUR/USD currency pair headed lower after several releases from theÂ US docket such asÂ theÂ initial jobless claims data did not meet expectations.
TheÂ EUR/USD currency pair today rallied from aÂ low ofÂ 1.1526 toÂ aÂ high ofÂ 1.1600 before heading lower following theÂ German andÂ US releases.
TheÂ currency pair rallied higher inÂ theÂ early European session following theÂ release ofÂ theÂ positive German GfK consumer confidence data, which came inÂ atÂ 10.7 asÂ compared toÂ theÂ expected 10.6 print. TheÂ release ofÂ theÂ Eurozone economic sentiment indicator also boosted theÂ pair byÂ coming inÂ atÂ 112.3 versus theÂ expected 112. TheÂ Eurozone business climate indicator missed expectations byÂ aÂ slight margin asÂ it was recorded atÂ 1.39 versus theÂ consensus estimate ofÂ 1.4, but had aÂ muted impact onÂ theÂ currency pair. TheÂ European Central Bank also published its Economic Bulletin today. .
TheÂ pair headed lower after theÂ release ofÂ theÂ preliminary German CPI data forÂ June byÂ theÂ Federal Statistical Office, which came inÂ atÂ aÂ monthly 0.1% andÂ anÂ annualized 2.1%, with both prints missing estimates byÂ 0.1%. TheÂ US Q1 GDP estimate released byÂ theÂ Bureau ofÂ Economic Analysis also missed expectations, which weakened theÂ greenback.
TheÂ currency pair’s future performance is likely toÂ be affected byÂ tomorrow’s German employment change data andÂ US PCE data.
TheÂ EUR/USD currency pair was trading atÂ 1.1588 asÂ atÂ 14:09 GMT having rallied from anÂ initial low ofÂ 1.1526. TheÂ EUR/JPY currency pair was trading atÂ 127.80 having risen from aÂ low ofÂ 127.12.
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