TheÂ euro today rallied higher following theÂ release ofÂ theÂ German IFO survey inÂ theÂ early European session, which beat expectations slightly. TheÂ pair’s upside was largely limited byÂ theÂ impending trade talks between theÂ USA andÂ theÂ European Union delegation inÂ Washington scheduled forÂ later today.
TheÂ EUR/USD currency pair today traded inÂ aÂ tight range marked with aÂ high ofÂ 1.1705 andÂ aÂ low ofÂ 1.1674.
TheÂ currency pair’s slight rally was triggered byÂ theÂ release ofÂ theÂ German IFO business climate survey which beat expectations. TheÂ business climate survey came inÂ atÂ 101.7, which was slightly higher than theÂ expected 101.5, but lower than theÂ previous figure ofÂ 101.8. TheÂ German IFO expectations andÂ current assessment also beat consensus estimates. However, theÂ price action inÂ theÂ currency pair is largely subject toÂ theÂ trade talks set toÂ happen later today between US President Donald Trump andÂ his EU counterpart Jean-Claude Juncker.
President Trump asserted earlier that he would like theÂ US andÂ theÂ EU toÂ drop all tariffs that exist between them. However, Trump also tweeted that tariffs are theÂ greatest, just hours before theÂ scheduled meeting, while theÂ EU has indicated that it will retaliate with tariffs onÂ US imports worth about $20 billion.
TheÂ currency pair’s short-term performance is likely toÂ be influenced byÂ Jean Claude Junker’s keynote speech onÂ EU-US relations scheduled forÂ 20:00 GMT today.
TheÂ EUR/USD currency pair was trading atÂ 1.1703 asÂ atÂ 13:02 GMT having rallied from aÂ daily low ofÂ 1.1674. TheÂ EUR/JPY currency pair was trading atÂ 129.92 having dropped from aÂ high ofÂ 130.19.
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