Euro Falls on Weak Euro Area Macro Prints, Retail Sales, GDP and CPI

The  euro today fell against the  US dollar as  investors took profits following its blistering rally and  the  weak euro area GDP data did not help the  single currency. The  EUR/USD currency pair fell from the  early European  market as  investors took profits on  their positions to  end a  very profitable month for  traders who were bullish on  the  euro.
The  EUR/USD currency pair today inched to  a  high of  1.1908 in  the  Asian session before falling to  a  low of  1.1781 during the  American market and  was headed lower at  the  time of  writing.
The  currency pair fell from the  early European session despite the  release of  upbeat German retail sales data for  June. According to  Germany’s Federal Statistical Office, the country’s retail sales fell 1.6%, translating to an annualised 5.9% beating consensus estimates of 3%. The upbeat France GDP report for June released by Insee also had a  muted impact on  the  single currency. The  upbeat preliminary Italian GDP data for  June released by  Istat also could not stop the  euro’s fall.
The  pair’s decline was accelerated by  the  weak flash eurozone Q2 GDP print, which came in  at  -12.1% as  compared to  the  expected -12% figure. The  positive eurozone consumer price index report for  June released by  Eurostat helped cushion the  pair slightly as  the  print came in  at  0.4% versus the  consensus estimate of  0.2%.
The  currency pair’s future performance is likely to  be affected by  geopolitical events and  US dollar dynamics over the  upcoming weekend.
The  EUR/USD currency pair was trading at  1.1704 as  at  17:02 GMT, having fallen from a  high of  1.1908. The  EUR/JPY currency pair was trading at  124.84, having rallied from a  low of  123.84.
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