The euro today alternated between losses and gains mainly driven by investor sentiment amid a mostly empty European docket leaving the single currency at the greenback’s mercy. The EUR/USD today fell, then recovered in the mid-European session before falling one more time in the American session as the US dollar posted gains.
The EUR/USD currency pair today oscillated within a wide range marked by a high of 1.0967 and a low of 1.0922 as investors sold and bought the pair driven by multiple factors.
The currency pair traded with a slight bullish bias during the Asian session before reversing and heading lower later in the session. The pair fell into the early European session as the US dollar rallied in a ‘flight to safety’ trade. Most analysts attributed the decline to the likely impeachment of President Donald Trump. The release of the German GfK consumer confidence survey for October had a muted impact on the currency pair despite the print coming in at 9.9 beating consensus estimate set at 9.7. The pair reversed course as the American session approached and ignored most of the positive US macro releases.
The pair kept rallying despite the release of upbeat US Q2 GDP data by the Bureau of Economic Analysis. The pair later fell as the greenback rallied due to the positive US pending home sales data released by the National Association of Realtors.
The currency pair’s future performance is likely to be affected by tomorrow’s multiple US and European macro releases.
The EUR/USD currency pair was trading at 1.0926 as at 18:30 GMT having fallen from a high of 1.0967. The EUR/JPY currency pair was trading at 117.77 having dropped from a high of 118.04.
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