TheÂ euro today opened higher against theÂ US dollar following theÂ disappointing US unemployment data released onÂ Friday. TheÂ single currency rallied higher ahead ofÂ Mario Draghi‘s speech, but later declined due toÂ aÂ resurgence inÂ demand forÂ theÂ US dollar inÂ theÂ American session.
TheÂ EUR/USD currency pair today rallied from aÂ low ofÂ 1.1750 toÂ aÂ high ofÂ 1.1790 before heading lower andÂ giving up most ofÂ its gains.
TheÂ currency pair today headed higher boosted byÂ theÂ weaker greenback andÂ theÂ positive German economic data released byÂ theÂ Federal Statistical Office. TheÂ German trade balance forÂ May came inÂ atÂ â¬20.3 billion, which was slightly higher than theÂ expected â¬20.0 billion print. German exports also grew byÂ 1.8% inÂ March versus theÂ consensus estimate ofÂ 0.7% growth. German imports also beat expectations byÂ recording 0.7% expansion asÂ opposed toÂ theÂ expected 0.5% contraction. TheÂ Eurozone Sentix investor confidence index released today also beat expectations byÂ coming inÂ atÂ 12.1 versus theÂ expected 9.0.
TheÂ European Central Bank Governor Mario Draghi’s speech before theÂ European Parliament inÂ Brussels also boosted theÂ euro. He stated that theÂ underlying fundamentals inÂ theÂ euro area were solid andÂ reiterated his pledge toÂ keep rates unchanged up toÂ theÂ summer ofÂ 2019. TheÂ pair headed lower shortly after asÂ theÂ greenback rallied higher asÂ tracked byÂ theÂ US Dollar Index, which hit a high of 94.07.
TheÂ currency pair’s future performance is likely toÂ be affected byÂ tomorrow’s German ZEW survey andÂ US JOLTS job openings data.
TheÂ EUR/USD currency pair was trading atÂ 1.1759 asÂ atÂ 15:06 GMT having declined from anÂ intra-day high ofÂ 1.1790. TheÂ EUR/JPY currency pair was trading atÂ 130.18 having risen from aÂ low ofÂ 129.67.
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