The euro today rallied higher against the US dollar following the release of upbeat German and eurozone macro data in the early European session. The EUR/USD currency pair later fell from its highs as investor sentiment shifted, but rallied briefly on the weak US macro releases before falling again.
The EUR/USD currency pair today rallied from a daily low of 1.1359 in the Asian session to a high of 1.1394 twice each time retracing most of its gains.
The currency pair opened today’s session trading with a bearish bias amid investor jitters regarding the US-China trade talks. However, the pair rallied higher following the release of the upbeat German import price index for May by the Federal Statistical Office in the early European session; the print contracted by 0.1% beating expectations of a 0.2% decline. The pair extended its rally after the release of the eurozone consumer price index data for June by Eurostat. The headline print met expectations set at an annualized 1.2%, while the core print came in at 1.1% beating consensus estimates of a 1.0% print.
The pair later fell as the greenback recovered before rallying higher after the release of the mixed US personal consumption expenditure data by the Bureau of Economic Analysis. The pair later fell after the release of the upbeat University of Michigan US consumer sentiment index.
The currency pair’s future performance is likely to be affected by the outcome of tomorrow’s meeting between President Donald Trump and Chinese President Xi Jinping.
The EUR/USD currency pair was trading at 1.1370 as at 16:38 GMT having fallen from a high of 1.1394. The EUR/JPY currency pair was trading at 122.60 having risen from a low of 122.26.
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