The euro today rallied to new daily highs against the US dollar after the release of weak US data, but the single currency later gave up its gains. The EUR/USD currency pair fell after the release of upbeat US consumer sentiment data, which surprised investors causing the pair to sell-off.
The EUR/USD currency pair today rallied from a low of 1.0788 to a high of 1.0850 in the early American session but had given up most of its gains by the time of writing.
The currency pair was range-bound for the better half of today’s session despite multiple releases from the European dockets. The pair fell briefly after the release of Germany’s producer price index report for April by the Federal Statistical Office as the print missed expectations. The euro then rallied before the release of Germany’s preliminary GDP data for Q1 2020, which came in mixed tanking the pair. The pair barely moved after the release of the positive preliminary eurozone GDP report for Q1 by Eurostat. The positive eurozone trade balance data also did not trigger a rally.
The pair rallied to its daily highs after the release of weak US retail sales data for April by the Census Bureau as the prints missed analysts’ estimates. The pair later fell after the release of the upbeat US consumer sentiment survey for May by the University of Michigan, which beat expectations.
The currency pair’s performance over the upcoming weekend is likely to be affected by geopolitical events.
The EUR/USD currency pair was trading at 1.0812 as at 18:31 GMT having fallen from a high of 1.0850. The EUR/JPY currency pair was trading at 116.01 having risen from a low of 115.48.
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