Euro Inches Higher on Coronavirus Fears and Global Equities Sell-Off

The  euro today traded in  a  wide range against the  US dollar with a  slightly bullish bias as  markets reeled from the  spreading coronavirus outbreak and  the  crash in  oil prices. The  EUR/USD currency pair today traded with a  bullish bias as  bears fought for  control amid a  major sell-off in  global equity markets.
The  EUR/USD currency pair today traded in  a  sizeable bullish range marked by  a  high of  1.1495 and  an  opening low of  1.1355 and  was within this range at  the  time of  writing.
The  currency pair spiked to  its daily highs at  the  start of  today’s session as  the  oil markets were reeling from Saudi Arabia’s sudden price war against Russia. The  pair traded with a  bullish bias as  investors sold the  dollar amid expectations that the  Federal Reserve will announce further easing measures. The  euro’s strength over the  dollar is primarily based on  the  fact that the  European Central Bank has limited easing options at  its disposal.
The  pair posted gains after the  release of  Germany’s trade balance data for  January by  the  Federal Statistical Office. Europe’s largest economy recorded an  â‚¬18.5 billion surplus bettering analysts estimates pegged at  â‚¬15.4 billion. Germany’s industrial production report also came in  above expectations boosting the  euro.
The  pair’s gains came at  the  greenback’s expense as  tracked by  the  US Dollar Index, which hit a  low of  94.66. The  rising coronavirus cases in  major US cities also contributed to  the  greenback’s weakness.
The  currency pair’s future performance is likely to  be affected by  geopolitical headlines and  tomorrow’s eurozone GDP report.
The  EUR/USD currency pair was trading at  1.1452 as  at  17:13 GMT having risen from a  low of  1.1355. The  EUR/JPY currency pair was trading at  117.15 having rallied from a  low of  116.11.

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