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Euro Falls on Risk-Off Mood, Ignores German CPI Data, Later Recovers

Stacks of shiney euro coins plus some notesThe euro today fell against the US dollar driven by the risk-off sentiment that ensued after the US killed a top Iranian general earlier today spooking investors. The EUR/USD currency pair ignored the release of upbeat German inflation data but later recovered as the greenback lost momentum in the American session.

The EUR/USD currency pair today fell from an opening high of 1.1178 in the Asian session to a low of 1.1125 in the mid-European session but had recovered most of its losses at the time of writing.

The currency pair headed lower at the start of today’s session driven by investor sentiment before news broke of the US attack, which sent it lower. The release of the German unemployment change report for December by the Federal Statistical Office did not help the pair. The number of unemployed persons rose to 8,000 missing expectations set at 2,000 persons, which dragged the euro lower. The release of the mixed eurozone money supply report for November by the European Central Bank also contributed to the pair’s woes.

The pair ignored the release of the upbeat German consumer price index report for December, which came in at an annualized 1.5% beating expectations by 0.1%. The pair recovered shortly afterwards following the release of the disappointing US Ism Manufacturing PMI report for December, which was recorded at 47.2 versus the expected 49.0 print.

The currency pair’s future performance is likely to be affected by the release of the FOMC minutes scheduled for 19:00 GMT.

The EUR/USD currency pair was trading at 1.1163 as at 15:39 GMT having recovered from a low of 1.1125. The EUR/JPY currency pair was trading at 120.61 having dropped from a high of 121.29.


© SimonMugo for Forex News, 2020. | Permalink | No comment | Add to del.icio.us
Post tags: Consumer Price Index, Employment, EUR/JPY, EUR/USD, European Central Bank, Eurozone, Federal Statistical Office, FOMC, ISM, Manufacturing, Money Supply, PMI, Political Tensions, Unemployment

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Euro Falls on Risk-Off Mood, Ignores German CPI Data, Later Recovers

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