The euro today rallied against the US dollar in the Asian session before falling during the European session after the release of weak German data. The EUR/USD currency pair later rallied in the American session following the release of mixed US factory data.
The EUR/USD currency pair today rallied to a high of 1.1274 in the late Asian session before dropping to a low of 1.1238 in the mid-European session then reversing most of its losses.
The currency pair opened today’s session trading with a bullish bias as markets reacted to Jerome Powell‘s dovish testimony before Congress. Investors are expecting a rate cut from the Fed at its meeting later in July. The pair reversed course in the early European session following the release of the disappointing German wholesale price index data for June by the Federal Statistical Office. The pair kept falling despite the release of the upbeat eurozone industrial production report for May by Eurostat, which came in at 0.9% beating expectations set at 0.2%.
The currency pair rallied higher in the early American session despite the release of the upbeat US producer price index data for June by the Bureau of Labor Statistics. The headline PPI print came in at 0.1% versus the expected 0.0% print, while the core PPI print was recorded at 2.3% beating expectations by a similar margin.
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 1.1269 as at 17:49 GMT having recovered from a low of 1.1238. The EUR/JPY currency pair was trading at 121.57 having fallen from a high of 122.23.
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