Euro Drops on Weak Business Climate, Gains on Mixed US Inflation

Apr 30,2019 02:37   Source:Earnforex

Euro coins stand on euro banknotesThe euro today posted gains against the US dollar following the release of weak US inflation data in the early American session. The EUR/USD currency pair today fell from session highs following the release of weak eurozone business climate data in the early European session.

The EUR/USD currency pair today traded mostly in a range marked by a high of 1.1167 and a low of 1.1143 and was trading at the top of this range at the time of writing.

The currency pair rallied higher in the early Asian session before getting stuck in a tight range for the rest of the session as investors remained unsure about the single currency. The pair later dropped to its daily lows following the release of the eurozone economic sentiment index for April by the European Commission. The print missed expectations by coming in at 104.0 versus the consensus estimate of 105.0. The business climate indicator also missed expectations by coming in at 0.42 versus the expected 0.49. The pair traded at these lows up to early American session as investors remained worried about the economic slowdown in the eurozone.

The currency pair rallied slightly after the Bureau of Economic Analysis released the latest US personal consumption expenditures report, which was mixed with some of the major components missing expectations. The rally was briefly interrupted before resuming with greater momentum.

The currency pair’s short-term performance is likely to be influenced by tomorrow’s multiple releases from the European docket.

The EUR/USD currency pair was trading at 1.1167 as at 15:14 GMT having rallied from a low of 1.1143. The EUR/JPY currency pair was trading at 124.93 having risen from a low of 124.40.


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