Euro Seesaws Against the Dollar on Eurozone and US Macro Data

The  euro today seesawed between losses and  gains against the  US dollar following yesterday’s massive drop after the  release of  the  FOMC meeting minutes. The  EUR/USD traded in  a  wide range today marked by  declines and  rallies as  the  single currency remained mainly at  the  greenback’s mercy after yesterday’s resurgence.
The  EUR/USD currency pair today fell from a  high of  1.1868 in  the  early European market to  a  low of  1.1802 in  the  initial American session but had recouped its losses by  the  time of  writing.
The  currency pair traded sideways at  the  start of  today’s session before spiking to  its daily highs soon after the  release of  the  upbeat German producer price index report for  July. According to  the  Federal Statistical Office, Germany’s PPI rose 0.2% in  July, translating into an  annualised -1.7%; both prints beat expectations by  0.1%. The  pair kept falling after the  release of  the  eurozone construction output data for  June by  Eurostat. The  currency pair kept falling after the  release of  the  latest European Central Bank‘s monetary policy meeting minutes. The  Governing Council stated that the  current data did not fully support recent positive economic developments.
The  currency pair hit its daily lows during the  American session after the  release of  the  upbeat US initial jobless claims report by  the  Department of  Labor. The  initial claims came in  at  14.84 million versus the  expected 15 million.
The  currency pair’s future performance is likely to  be affected by  tomorrow’s euro area Markit PMI releases.
The EUR/USD currency pair was trading at 1.1853 as at 17:25 GMT, having rallied from a low of 1.1802. The EUR/JPY currency pair was trading at 125.52, having risen from a low of 125.08.
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