The euro today fell against the US dollar despite the release of mostly upbeat data from across the euro area in a move that could be attributed to profit-taking following yesterday’s bullish run. The EUR/USD currency pair today rallied to its daily highs in the early European session after the release of upbeat Q3 GDP data from Spain before heading lower later.
The EUR/USD currency pair today rallied to a high of 1.1175 before reversing course and falling to a low of 1.1142 and was heading lower at the time of writing.
The pair rallied higher at the start of today’s session extending yesterday’s gains as the Asian markets opened. The pair later fell and continued its decline after the release of weak German retail sales data for September by the Federal Statistical Office. German retail sales grew by 0.1% in September, missing expectations of a 0.2% increase. The pair later rallied after Spain’s National Institute of Statistics released the country’s latest GDP report. The pair kept falling despite the release of the upbeat preliminary eurozone Q3 GDP report by Eurostat. The upbeat eurozone CPI report for October also failed to trigger a rally.
The release of weak US personal income and consumption expenditures report for September could not boost the pair. According to the Bureau of Economic Analysis, both headline and core US PCE prints remained stagnant missing expectations of 0.1% growth.
The pair’s future performance is likely to be affected by the release of the US non-farm payrolls report tomorrow.
The EUR/USD currency pair was trading at 1.1137 as at 14:39 GMT, having fallen from a high of 1.1175. The EUR/JPY currency pair was trading at 120.40, having dropped from a high of 121.47.
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