Euro Rises on German Inflation Data and Flash US GDP Report

The  euro today inched higher against the  US dollar as  it struggled to  shake off the  selling pressure that has kept the  EUR/USD currency pair trading in  a  tight range. The  single currency posted gains in  the  American session despite the  release of  mixed German inflation data accompanied by  in-line preliminary US Q4 GDP figures.
The EUR/USD currency pair today rallied from a low of 1.1006 in the early European session to a high of 1.1036 in the American session and was near these highs at the time of writing.
The  currency pair alternated between gains and  losses during the  Asian session with bulls and  bears fighting for  control of  the  world’s most traded pair. The  pair recovered in  the  early European session but fell slightly after the  release of  the  weak eurozone business climate indicator by  the  European Commission. The  pair fell despite the  announcement of  the  upbeat eurozone economic sentiment indicator. The  upbeat eurozone unemployment rate report released by  Eurostat lifted the  pair. The  pair recovered and  rallied higher despite the  release of  mixed German CPI data by  the  Federal Statistical Office in  the  early American session.
The  pair rallied higher despite the  release of  in-line US preliminary Q4 GDP report by  the  Bureau of  Economic Analysis. The  weak US initial jobless claims report released by  the  Department of  Labor at  the  same time also fueled the  pair.
The  pair’s future performance is likely to  be affected by  tomorrow’s eurozone GDP report and  multiple US releases.
The  EUR/USD currency pair was trading at  1.1032 as  at  16:05 GMT having rallied from a  low of  1.1006. The  EUR/JPY currency pair was trading at  119.93 having dropped from a  high of  120.12.

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