Euro Trades Sideways on Weak German Data, EU Differences

The  euro today traded sideways against the  US dollar amid weak macro reports from Germany and  France as  investors await crucial US jobs data. The  EUR/USD currency pair today traded within a  tight range following three daily pullbacks as  divisions among EU nations persist.
The  EUR/USD currency pair today traded in  a  range marked by  a  high of  1.0816 and  a  low of  1.0778 and  was within this range at  the  time of  writing.
The  currency pair traded sideways from the  start of  today’s session even as  the  European Central Bank reiterated that it would continue with its bond-buying programme despite Germany’s top court ruling that the  programme violates the  country’s constitution. Germany’s health authority also announced that it would not hold daily coronavirus briefings anymore as  the  country reopens its economy despite the  expected second wave of  COVID-19. The  release of  Germany’s industrial production data for  March by  the  Federal Statistical Office had a  muted impact on  the  euro despite the  print missing expectations.
The  speech by  the  ECB’s Luis de Guindos boosted the  par slightly as  he confirmed that the  bank was open to  buying more assets under its PEPP program. The  release of  weak French industrial output data for  March by  Insee combined with Italy’s weak retail sales report for  March released by  Istat also damped the  pair’s prospects.
The  currency pair’s short-term performance is likely to  be affected by  the  release of  the  US initial jobless claims report at  12:30 GMT.
The  EUR/USD currency pair was trading at  1.0787 as  at  10:39 GMT having fallen from a  high of  1.0816. the  EUR/JPY currency pair was trading at  114.92 having risen from a  low of  114.59.

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