Euro Trades Lower on Mixed Eurozone Data and Strong Dollar

The euro today traded lower against the US dollar despite the release of mixed economic releases from across the Eurozone, which should have boosted the single currency. The EUR/USD currency pair was further weighed down by yesterday’s optimistic FOMC minutes, which boosted the greenback.
The EUR/USD currency pair today traded in a range between a high of 1.1588 and a low of 1.1543 and was on a downtrend at the time of writing.
The currency pair rallied slightly after the release of the Markit Flash France Services PMI, which came in at 55.7 versus the expected 55.1. The pair had a muted reaction to the release of the Markit Flash Germany Manufacturing PMI, which came in at 56.1 as compared to the consensus estimate of 56.5. The Markit Germany Services PMI had a muted impact on the single currency despite beating expectations. The pair headed lower following the release of the disappointing Markit Flash Eurozone Manufacturing PMI, which was recorded at 54.6 versus the expected 55.2. The pair headed lower following the release of the European Central Bank‘s latest account of the monetary policy meeting.
Positive releases from the US docket such as the initial jobless claims data released by the Department of Labor also drove the currency pair lower. The fresh tariffs imposed on China also served to boost the greenback as tracked by the US Dollar Index.
The currency pair’s future performance is likely to be affected by tomorrow’s German GDP data and US durable goods orders.
The EUR/USD currency pair was trading at 1.1563 as at 14:19 GMT having dropped from a high of 1.1588. The EUR/JPY currency pair was trading at 128.54 having rallied from a low of 127.91.

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