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31.03.2021

Euro Rallies Higher on Upbeat Mood Despite Mixed Euro Area Data

The euro rallied against the dollar boosted by some positive releases from the euro area, while some negative macro reports limited the single currency’s gains. The EUR/USD currency pair also benefitted from the drop in US 10-year Treasury yields as investors wait for President Joe Biden’s infrastructure spending plans.
The EUR/USD currency pair rose from a low of 1.1704 in the Asian session to a high of 1.1759 in the American market but was off these highs at the time of writing.
The currency pair fell initially before reversing course and heading higher despite the disappointing German employment change report‘s release. According to the Federal Statistical Office, Germany shed 26,000 jobs in February as compared to January. The disappointing French consumer price index report for March released by Insee has a minimal impact on the pair. The downbeat Italian inflation data for March released by Istat could not stop the pair’s rally. The mixed eurozone CPI report for March had a muted impact on the euro. According to Eurostat, core inflation was lower than expected while headline inflation figures met analysts expectations.
The pair hit its daily highs during the American session after the disappointing ADP US Employment change report showed that the US added 517,000 jobs versus the expected 550,000 jobs. As tracked by the US Dollar Index, the greenback’s overall weakness also drove the pair higher.
The currency pair’s short-term performance is likely to be affected by President Joe Biden’s speech scheduled for 20:20 GMT.
The EUR/USD currency pair was trading at 1.1727 at 19:26 GMT after dropping from a high of 1.1759. The EUR/JPY currency pair was trading at 129.84, having risen from a low of 129.25.
If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

Original from: www.earnforex.com

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