Euro Trades at April 2017 Lows Despite Upbeat German Macro Prints

The  euro today traded at  multi-year lows against the  US dollar despite the  release of  positive German macro reports in  the  early European session. The  EUR/USD currency pair fell to  lows last witnessed in  April 2017 after the  results of  the  last French election were announced.
The  EUR/USD currency pair today traded between a  high of  1.0821 and  a  new multi-year low of  1.0777 and  was within this range at  the  time of  writing.
The  currency pair headed lower at  the  start of  today’s session amid a  risk-off market sentiment on  which bears capitalised to  push the  pair lower. The  release of  the  German producer price index report for  January by  the  Federal Statistical Office coincided with the  pair’s daily lows. The  PPI print beat expectations by  coming in  at  0.8% versus the  expected 0.2% and  briefly lifted the  pair. The  release of  the  in-line German GfK consumer confidence survey, which was recorded at  9.8 meeting consensus estimates also boosted the  pair. The  release of  the  ECB’s account of  monetary policy meeting had a  muted impact on  the  currency pair. The  report did not contain any new insights from the  ECB’s Governing Council.
The  pair spiked higher in  the  American session to  hit its daily highs despite the  release of  the  Philadelphia Fed manufacturing survey for  February, which beat expectations. The  greenback’s strength was reflected in  the  US Dollar Index, which hit a  high of  99.91 earlier today.
The  currency pair’s future performance is likely to  be affected by  tomorrow’s multiple Markit US and  European releases.
The  EUR/USD currency pair was trading at  1.0795 as  at  18:29 GMT having fallen from a  high of  1.0821. The  EUR/JPY currency pair was trading at  120.95 having risen from a  low of  120.09.

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