Euro Spikes Then Falls Against Dollar on Day Full of Macro Releases

The  euro today rallied to  new daily highs against the  US dollar after the  release of  weak US data, but the  single currency later gave up its gains. The  EUR/USD currency pair fell after the  release of  upbeat US consumer sentiment data, which surprised investors causing the  pair to  sell-off.
The  EUR/USD currency pair today rallied from a  low of  1.0788 to  a  high of  1.0850 in  the  early American session but had given up most of  its gains by  the  time of  writing.
The  currency pair was range-bound for  the  better half of  today’s session despite multiple releases from the  European dockets. The  pair fell briefly after the  release of  Germany’s producer price index report for  April by  the  Federal Statistical Office as  the  print missed expectations. The  euro then rallied before the  release of  Germany’s preliminary GDP data for  Q1 2020, which came in  mixed tanking the  pair. The  pair barely moved after the  release of  the  positive preliminary eurozone GDP report for  Q1 by  Eurostat. The  positive eurozone trade balance data also did not trigger a  rally.
The  pair rallied to  its daily highs after the  release of  weak US retail sales data for  April by  the  Census Bureau as  the  prints missed analysts’ estimates. The  pair later fell after the  release of  the  upbeat US consumer sentiment survey for  May by  the  University of  Michigan, which beat expectations.
The  currency pair’s performance over the  upcoming weekend is likely to  be affected by  geopolitical events.
The  EUR/USD currency pair was trading at  1.0812 as  at  18:31 GMT having fallen from a  high of  1.0850. The  EUR/JPY currency pair was trading at  116.01 having risen from a  low of  115.48.
If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.