The euro today fell to new weekly lows against the US dollar following the release of upbeat US retail sales data in the American session. The EUR/USD currency pair traded with a bearish bias for most of today’s session amid a risk-averse market mood given the US-China trade war.
The EUR/USD currency pair today fell from a daily high of 1.1289 in the early European session before falling to a low of 1.1205 in the American session and was near these lows at the time of writing.
The currency pair opened today’s session trading with a bearish bias as trade tensions between the US and China dampened investor risk sentiment driving the pair lower. The pair rallied slightly following the release of the German wholesale price index data for May by the Federal Statistical Office despite the prints being slightly lower than expected. However, the pair fell a few hours later as market sentiment soured and the greenback rallied higher as tracked by the US Dollar Index.
The pair’s decline accelerated in the American session following the release of the upbeat US advance retail sales data by the Census Bureau. The pair kept falling after the release of upbeat industrial and manufacturing production data. The disappointing University of Michigan consumer sentiment survey had a muted impact on the pair, which kept dropping.
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 1.1209 as at 17:24 GMT having fallen from a high of 1.1289. The EUR/JPY currency pair was trading at 121.64 having dropped from a high of 122.26.
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