The euro today rallied higher following the release of German industrial production data in the early European session as the print beat expectations. The EUR/USD currency pair later traded sideways amid a lack of any fundamental triggers as investors waited for the non-farm payrolls report.
The EUR/USD currency pair today rallied from an opening low of 1.1218 to a high of 1.1236 before retracing some of its gains and trading sideways.
The currency pair opened today’s session with a bias towards a rally, but could not find any trigger for a sustainable rally. The release of Germany’s industrial production data for February by the Federal Statistical Office early in the European session boosted the pair. Germany’s industrial production grew by 0.7% in February beating consensus estimates set at 0.5%. However, the rally was short-lived as markets digested the recent decline registered within the manufacturing production report. The upbeat figures were solely driven by increased construction activity due to good weather conditions.
The currency pair later traded sideways as investors ignored President Donald Trump‘s optimism about the US-China trade talks as well as Chinese Premier Xi Jinping‘s confidence about a possible trade deal. The pair was heaving driven by the German and US bond yield spreads.
The currency pair’s short-term performance is likely to be affected by the non-farm payrolls report due for release at 12:30 GMT and geopolitical events.
The EUR/USD currency pair was trading at 1.1227 as at 12:03 GMT having rallied from a low of 1.1218. The EUR/JPY currency pair was trading at 125.42 having risen from a low of 125.28.
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