Euro Crashes on Mixed Eurozone Reports and Upbeat US Prints

The euro today crashed against the US dollar following the release of mixed data from the euro area as market sentiment remained decisively bearish. The EUR/USD currency pair fell to new 1-week lows in the American session following the release of upbeat US Q3 GDP data.
The  EUR/USD currency pair today fell from a  high of  1.1123 in  the  early European session to  a  low of  1.1081 in  the  American session and  was heading lower at  the  time of  writing.
The  currency pair headed lower at  the  start of  today’s session driven largely by  the  strong greenback as  investors sold the  single currency. The  currency pair kept falling after the  release of  the  German GfK consumer confidence survey for  December, which came in  at  9.8 missing analysts expectations set at  9.9. The  release of  the  upbeat eurozone current account data for  October by  the  European Central Bank had a  muted impact on  the  pair. The  upbeat French producer prices report for  November released by  Insee also did not help the  pair. The  positive Italian consumer confidence report for  December released by  Istat also had minimal impact on  the  pair.
The  release of  the  US Q3 GDP data by  the  Bureau of  Economic Analysis contributed to  the  pair’s decline as  the  print met expectations set at  2.1%. The  upbeat US personal consumption expenditure for  November and  the  positive Univesity of  Michigan consumer sentiment survey all drove the  pair lower.
The  currency pair’s performance over the  upcoming weekend is likely to  be influenced by  geopolitical events.
The  EUR/USD currency pair was trading at  1.1085 as  at  15:56 GMT having fallen from a  high of  1.1123. The  EUR/JPY currency pair was trading at  121.28 having dropped from a  high of  121.68.

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