Euro Drops on Mixed Eurozone Data, Rallies on Weak US Data

Mar 02,2019 04:50   Source:Earnforex

A fan of 500-euro billsThe euro today dropped lower against the US dollar in the late Asian session before rallying higher on upbeat German retail sales data for January. The EUR/USD later declined despite the release of mixed German unemployment data, then rallied higher into the American session.

The EUR/USD currency pair today hit a low of 1.1350 in the early European session before rallying to a high of 1.1408 in the American session.

The release of the German retail sales data by the Federal Statistical Office today triggered a brief rally in the pair. The retail sales came in at a monthly 3.3% and an annualized 2.6% beating expectations by a margin. The release of the German unemployment change report for January was a boost to the pair, which had been falling, as it rallied shortly thereafter. The pair then rallied higher following the release of the mixed Eurozone CPI data for February with the headline print meeting estimates and the core print missing slightly. The positive Eurozone unemployment rate released by Eurostat at the same time also boosted the pair.

The pair rallied higher in the American session following the release of the mixed US personal consumption expenditure report by the Bureau of Economic Analysis. The release of the disappointing US ISM manufacturing PMI and the weak University of Michigan consumer sentiment survey triggered a brief spike by the pair.

Given the upcoming weekend, the pair’s future performance is likely to be influenced by geopolitical events.

The EUR/USD currency pair was trading at 1.1389 as at 15:41 GMT having dropped from a high of 1.1408. The EUR/JPY currency pair was trading at 127.32 having rallied from a low of 126.63.


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