The euro today rallied from its daily lows following the release of weak US durable goods orders in the early American session. The EUR/USD currency pair had fallen earlier in the session amid low liquidity ahead of the Christmas holiday break.
The EUR/USD currency pair today fell to a low of 1.1070 in the mid-European session before rallying to a high of 1.1095 in the American session but was off these highs at the time of writing.
The currency pair traded sideways at the start of today’s session and attempted to rally higher before dropping to its daily lows. The pair’s performance was primarily driven by the risk-off market sentiment and the low liquidity levels in the market. The release of the German import price index for November by the Federal Statistical Office resulted in an intra-day high for the pair. Germany’s import prices rose 0.5% beating consensus estimates of a 0.4% expansion. The pair’s bottom coincided with the US Dollar Index‘s peak at 97.81 before it reversed and headed higher.
The pair rallied higher after the release of the US durable goods orders for November by the Census Bureau. The headline print came in at -2% missing analysts expectations set at 1.5% by a wide margin. The US new home sales report for November also missed expectations boosting the pair.
The currency pair’s future performance is likely to be affected by geopolitical events given the empty European dockets due to the Christmas holiday celebrations.
The EUR/USD currency pair was trading at 1.1090 as at 17:25 GMT having rallied from a low of 1.1070. The EUR/JPY currency pair was trading at 121.28 having risen from a low of 121.08.
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