Euro Trades Sideways Despite Upbeat Euro Area GDP Reports

The euro today initially fell against the US dollar despite the release of positive eurozone GDP data and other GDP reports from across the euro area. The EUR/USD currency pair later rallied higher moving into positive territory boosted by the investor sentiment and the weaker greenback as the US markets opened.
The EUR/USD currency pair today fell to a low of 1.1660 during the early European session before rallying to a high of 1.1704 during the American market but as off these highs at the time of writing.
The currency pair headed lower earlier today as coronavirus cases within the euro area continue to rise despite the new lockdown measures. The release of the disappointing German retail sales data for September by the Federal Statistical Office dragged the pair lower since it missed consensus estimates. The upbeat preliminary German Q3 GDP report triggered a brief rally by coming in at 8.2% versus the expected 7.3% figure. The upbeat eurozone Q3 GDP print released by Eurostat which came in at 12.7% beating analysts estimates of 9.4% created a Doji candle.
The upbeat Italian preliminary Q3 GDP report released by Istat also had a minimal impact on the single currency. The pair rallied following the release of the US personal consumption expenditures report for September by the Bureau of Economic Analysis despite the print beating estimates.
The currency pair’s performance over the upcoming weekend is likely to be affected by geopolitical events and US dollar dynamics.
The EUR/USD currency pair was trading at 1.1686 as at 13:59 GMT having rallied from a low of 1.1660. The EUR/JPY currency pair was trading at 122.12 having risen from a low of 121.60.
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Original from: www.earnforex.com