EUR/USD Trades Sideways on Mixed German and US Data

The EUR/USD currency pair today traded sideways in a tight range following the release of positive German employment change data in the early European session. The release of the weak German Consumer Price Index data in the mid-European session also had a subdued impact on the single currency.

The EUR/USD currency pair traded mostly in a range between a high of 1.2335 and a low of 1.2292 and was rejected multiple times from both support and resistance levels.

The positive German unemployment data released by the Federal Statistical Office in the early European session had minimal impact on the euro, which rallied slightly thereafter. The employment situation in Germany improved with the number of employed persons increasing by 621,00 or 1.4% in February. The weak German CPI data released later, which came in at 1.6% on an annualized basis, had a muted impact on the euro, which rallied slightly higher. The CPI print missed expectations by 0.1% on both a monthly and y-o-y basis.

The currency pair registered a significant decline after the release of the University of Michigan consumer sentiment survey, which came in at 101.4 versus the expected 102. The ISM Chicago business barometer also came in below expectations at 57.4 as compared to the consensus estimate of 62. Other US releases such as the PCE print and the initial jobless claims data had a muted impact on the pair.

The currency pair is likely to experience subdued activity as from tomorrow due to the upcoming Easter holiday celebrations.

The EUR/USD currency pair was trading at 1.2284 as at 15:55 GMT having broken out of its sideways range. The EUR/JPY currency pair was trading at 130.66 having declined from a high of 131.61.

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