The euro today fell against a much stronger US dollar amid a lack of any potent fundamental triggers to extend the single currency’s gains from yesterday. The EUR/USD currency pair fell despite the release of mixed German ZEW survey data in the early European session and kept dropping for the rest of the day.
The EUR/USD currency pair today fell from a high of 1.1038 in the Asian session to a low of 1.1.003 in the early American session and was near these lows at the time of writing.
The currency pair fell at the start of today’s session driven by a much stronger greenback as tracked by the US Dollar Index, which later hit a high of 98.42. The single currency’s weakness could also be traced to fears that the US would impose additional tariffs on European car exports. A dovish speech from Benoit Coeure, a member of the European Central Bank‘s executive board, also dove the pair lower. The pair fell despite the release of the German ZEW survey data a few hours later. The German ZEW economic sentiment for November came in at -2.1 beating expectations set at -13; the current expectations print disappointed.
The fiber kept falling in the American session despite divergent speeches from President Donald Trump and the Richmond Fed President Thomas Barkin. President Trump accused the Fed of derailing the American economy, which was doing well under his leadership.
The pair’s future performance is likely to be affected by tomorrow’s German and US official CPI reports.
The EUR/USD currency pair was trading at 1.1007 as at 19:13 GMT having fallen from a high of 1.1038. The EUR/JPY currency pair was trading at 120.01, having dropped from a high of 120.63.
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