TheÂ euro today rallied higher amid calm global financial markets, which encouraged aÂ risk-on mood among investors boosting theÂ single currency. However, theÂ euro gave up some ofÂ its gains against theÂ US dollar following theÂ release ofÂ mixed US retail sales data inÂ theÂ early American session.
TheÂ EUR/USD currency pair today rallied from anÂ opening low ofÂ 1.1675 toÂ aÂ high ofÂ 1.1725 inÂ theÂ American session, but later gave up some ofÂ its gains.
TheÂ currency pair started today’s session onÂ anÂ uptrend given theÂ lack ofÂ any new developments inÂ theÂ trade war being spearheaded byÂ Donald Trump‘s administration. TheÂ European economic docket was also largely devoid ofÂ any important releases except forÂ theÂ release ofÂ theÂ Eurozone trade balance data byÂ Eurostat inÂ theÂ early European session. TheÂ trade balance data disappointed byÂ coming inÂ atÂ â¬16.5 billion inÂ May, which was lower than theÂ expected â¬17.6 billion trade surplus. TheÂ monetary policy divergence between theÂ US Federal Reserve andÂ theÂ European Central Bank also affected theÂ currency pair.
TheÂ release ofÂ theÂ mixed US advance retail sales data forÂ June byÂ theÂ Census Bureau inÂ theÂ early American session also boosted theÂ US dollar. TheÂ headline retail sales data expanded byÂ 0.5% inÂ June, which was inÂ line with expectations, while theÂ core retail sales rose byÂ 0.4% beating consensus estimates byÂ 0.1%.
TheÂ currency pair’s performance is likely toÂ be affected byÂ news headlines from today’s meeting between Donald Trump andÂ Vladimir Putin inÂ Helsinki.
TheÂ EUR/USD currency pair was trading atÂ 1.1715 asÂ atÂ 14:18 GMT having rallied from anÂ initial low ofÂ 1.1675. TheÂ EUR/JPY currency pair was trading atÂ 131.58 having risen from aÂ low ofÂ 131.25.
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