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Euro Range-Bound on Mixed German and Eurozone GDP Reports

Coins of eurocents on a €500 noteThe euro today continued to trade near 3-year lows against the US dollar after the release of mixed GDP data from Germany and the greater euro area. The EUR/USD currency pair extended its losing streak, which has been in place since the start of the year, as the risk-off sentiment dominated the markets in the face of the coronavirus outbreak.

The EUR/USD currency pair today traded in a tight range between a high of 1.0850 and an Asian session low of 1.0827 and was trading within this range at the time of writing.

The currency pair traded with little conviction since the start of today’s session as Asian traders kept away from the pair as they awaited the European GDP releases. The release of the preliminary German Q4 GDP report by the Federal Statistical Office had a muted impact on the currency pair given the mixed figures. The quarterly GDP Print disappointed by remaining flat instead of the expected 0.1% expansion, while the annualised print beat consensus estimates. The release of the mixed flash eurozone Q4 GDP print by Eurostat caused the pair to retreat slightly. The quarterly print met expectations set at 0.1%, while the annualised figure missed analysts estimates.

The upbeat eurozone trade balance data for December released by Eurostat could not lift the pair. The euro area recorded a trade surplus of  23.1 billion beating analysts estimates of  21.4 billion. Eurozone employment also ticked up 0.3% in Q4 versus the expected 0.1% print revealing a strong labour market.

The currency pair’s short-term performance is likely to be affected by the release of US retail sales and geopolitical events.

The EUR/USD currency pair was trading at 1.0843 as at 11:15 GMT having rallied from a low of 1.0827. The EUR/JPY currency pair was trading at 119.06 having risen from a low of 118.87.


© SimonMugo for Forex News, 2020. | Permalink | No comment | Add to del.icio.us
Post tags: Coronavirus, Employment, EUR/JPY, EUR/USD, Eurostat, Eurozone, Federal Statistical Office, GDP, Trade Balance

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Euro Range-Bound on Mixed German and Eurozone GDP Reports

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