Euro Falls Against US Dollar Despite Upbeat Euro Area Macro Reports

The  euro today fell against the  US dollar as  investors sold the  single currency amid a  risk-off market environment as  Sino-US tensions skyrocketed on  rhetoric from both countries. The  EUR/USD currency pair fell despite the  release of  mostly positive data from across the  euro area as  investors flocked to  the  safe-haven greenback.
The  EUR/USD currency pair today fell from an  opening high of  1.1881 to  a  low of  1.1810 in  the  mid-European session and  was trading near these lows at  the  time of  writing.
The  currency pair fell from the  Asian session and  into the  European open despite the  release of  upbeat German trade balance data for  June. According to  the  Federal Statistical Office, Germany’s trade balance was 14.5 billion versus the  consensus estimate of  10.1 billion. Germany’s industrial production in  June expanded by  8.9%, which was better than the  expected 8.1% increase but could not lift the  single currency. The  upbeat preliminary French non-farm payrolls for  Q2 released by  Insee also had a  muted impact on  the  pair despite recording a  0.6% drop versus the  expected 2.2% decline.
The  upbeat Italian global trade balance report released by  Istat also could not help the  pair despite the  print coming in  at  6.23 billion as  opposed to  4.84 billion. The  greenback’s strength, as  tracked by  the  US Dollar Index, which hit a  high of  93.23, was responsible for  the  pair’s demise.
The  currency pair’s short-term performance is likely to  be affected by  the  release of  the  US non-farm payrolls at  12:30 GMT.
The  EUR/USD currency pair was trading at  1.1817 as  at  11:59 GMT, having fallen from a  high of  1.1881. The  EUR/JPY currency pair was trading at  124.83, having dropped from a  high of  125.39.
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