TheÂ euro today rallied higher against theÂ US dollar from theÂ late Asian session into theÂ early European session following positive releases from across theÂ Eurozone. Releases from theÂ US docket inÂ theÂ early American session triggered aÂ slight pullback inÂ theÂ EUR/USD currency pair.
TheÂ EUR/USD currency pair today rallied from anÂ initial low ofÂ 1.1700 toÂ aÂ high ofÂ 1.1745 before retracing some ofÂ its gains.
TheÂ release ofÂ the German retail sales forÂ June byÂ theÂ Federal Statistical Office inÂ theÂ early European session contributed toÂ theÂ pair’s rally. TheÂ retail sales came inÂ atÂ aÂ monthly 1.2% beating expectations byÂ 0.2%, while theÂ annualized figure came inÂ atÂ 3.0% versus theÂ consensus estimate ofÂ 1.5%. TheÂ German unemployment change report beat expectations by recording 6,000 jobs versus theÂ expected 10,000 jobs, while jobless claims were inÂ line with expectations atÂ 5.2%. TheÂ Eurozone unemployment rate forÂ June released byÂ Eurostat was inÂ line with expectations atÂ 8.3%. TheÂ Eurozone CPI data came inÂ atÂ aÂ monthly 1.1% andÂ anÂ annualized 2.1%; both prints beat expectations byÂ 0.1%.
TheÂ Eurozone Q2 GDP data also released today missed expectations byÂ coming inÂ atÂ aÂ quarterly 0.3% andÂ anÂ annualized 2.1% dragging theÂ pair lower. TheÂ release ofÂ the US personal income andÂ spending report byÂ theÂ Bureau ofÂ Economic Analysis contributed toÂ theÂ pair’s decline despite theÂ disappointing core PCE print.
TheÂ currency pair’s short-term performance is likely toÂ be affected byÂ theÂ release ofÂ theÂ US consumer confidence index later today.
TheÂ EUR/USD currency pair was trading atÂ 1.1726 aÂ sat 13:26 GMT having dropped from aÂ high ofÂ 1.1745. TheÂ EUR/JPY currency pair was trading atÂ 131.03 having risen from aÂ low ofÂ 129.69.
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