Euro Falls on Weak German Data, Rallies to 10-Week High on US NFP

Jun 07,2019 10:00   Source:Earnforex

Stacks of shiney euro coins plus some notesThe euro today rallied to 10-week highs against the US dollar following the release of disappointing US non-farm payrolls report in the early American session. The EUR/USD currency pair had traded sideways for most of today’s session following the release of weak German data in the early European session before the spike higher.

The EUR/USD currency pair today rallied from a session low of 1.1251 to a multi-week high of 1.1340 after the release of the non-farm payrolls report and was near these highs at the time of writing.

The currency pair opened today’s session trading with a bearish bias have pulled back from 2-month highs largely driven by a weak US dollar. The release of the weak German industrial production data for April also contributed to the pair’s decline. According to the Federal Statistical Office, Germany’s industrial production fell 1.9% in April, which was higher than the 0.5% expected contraction. The German trade balance data for April also missed expectations by coming in at €17.0 billion versus the expected €19.5 billion print. The German exports for April also shrunk more than expected to drag the single currency lower.

The fiber rallied to new 10-week highs following the release of the weak US non-farm payrolls report by the Bureau of Labor Statistics. The NFP missed consensus estimates as did the average hourly earnings print triggering the pair’s rally.

The currency pair’s performance over the upcoming weekend is likely to be affected by geopolitical events.

The EUR/USD currency pair was trading at 1.1338 as at 14:56 GMT having rallied from a low of 1.1251. The EUR/JPY currency pair was trading at 122.47 having risen from a low of 122.06.

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