The euro today fell against the US dollar in the early European session following a series of weak releases from France, Germany and the eurozone. The EUR/USD currency pair extended its losses following the release of upbeat US GDP data before spiking higher on hawkish ECB comments then quickly falling back.
The EUR/USD currency pair today spiked to an intraday high of 1.1093 before falling back to a low of 1.1042 and was trading near these lows at the time of writing.
The currency pair opened today’s session trading sideways before plunging lower in the early European session. The pair fell after the release of the German unemployment change data for August, which missed expectations. According to the Federal Statistical Office, Germany shed 4,000 jobs in August versus the expected 3,500 but unemployment claims remained stable at 5.0%. The upbeat eurozone business climate indicator and the economic sentiment survey released by the European Commission could not save the pair. The release of the German consumer price index data for August drove the pair lower as it came in at an annualized 1.4% missing consensus estimates set at 1.5%.
The pair kept falling in the American session following the release of the mostly in-line US Q2 GDP estimate by the Bureau of Economic Analysis. The pair spiked higher after the European Central Bank‘s Klass Knot said that expectations for the central bank’s September monetary policy decision were ‘overdone.’
The currency pair’s future performance is likely to be affected by tomorrow’s multiple eurozone and US releases.
The EUR/USD currency pair was trading at 1.1052 as at 17:46 GMT having fallen from a high of 1.1093. The EUR/JPY currency pair was trading at 117.77 having recovered from a low of 117.23.
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