Euro Sidelined by Coronavirus Despite In-Line German Inflation Data

The  euro today traded with a  negative bias against the  US dollar extending its losing streak for  the  fourth straight session as  the  risk-off sentiment dominated markets. The  EUR/USD currency pair’s performance was also negatively affected by  the  rising coronavirus cases globally, which has seen investors buy the  safe-haven greenback.
The  EUR/USD currency pair today rallied to  a  high of  1.1221 in  the  Asian session before falling to  a  low of  1.1143 in  the  mid-European session and  was trading near these lows at  the  time of  writing.
The  currency pair rallied briefly during the  early hours of  the  Asian session to  hit its daily highs before reversing course and  heading lower. The  single currency kept falling despite the  release of  the  in-line German consumer price index data for  February. According to  the  Federal Statistical Office, the  country’s inflation gauge remained stable at  0.4% in  February translating into an  annualised 1.7%, hence, meeting expectations. According to  Insee, France’s official statistics agency, the  country’s inflation remained stagnant at  0%, while Spain’s National Institute of  Statistics reported that the  country’s CPI print contracted by  0.1%.
Investors remained unimpressed by  the  quantitative easing measures announced by  the  European Central Bank yesterday during its interest rate announcement. The  pair kept falling despite the  release of  weak US import and  export price indices by  the  Bureau of  Labor Statistics in  the  early American session.
The  currency pair’s performance over the  upcoming weekend is likely to  be affected by  coronavirus headlines and  geopolitical events.
The  EUR/USD currency pair was trading at  1.1116 as  at  12:55 GMT having fallen from a  high of  1.1221. The  EUR/JPY currency pair was trading at  119.38 having risen from a  low of  116.96

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