Euro Falls Against US Dollar Extending Its 6-Day Losing Streak

The  euro today fell against the  US dollar for  the  sixth consecutive session despite the  release of  positive data from across the  euro area. The  risk-off investor sentiment drove the  EUR/USD currency pair’s decline amid rising China-US tensions and  the  global equity markets selloff.
The  EUR/USD currency pair today fell from a  high of  1.1827 in  the  early Frankfurt session to  a  low of  1.1766 in  the  early American market but was slightly off these lows at  the  time of  writing.
The  currency pair’s initial decline was fueled by  the  escalating geopolitical tensions between China and  the  US during the  Asian market. The  release of  the  upbeat German trade balance report for  July drove the  pair to  its daily highs. According to  the  Federal Statistical Office, Germany’s had a  trade surplus of  â‚¬18 billion in  July versus the  expected €16 billion trade surplus. The  disappointing German import and  export prices had a  muted impact on  the  euro. The  upbeat Italian retail sales report for  July release by  Istat also boosted the  pair.
The  pair kept falling despite the  release of  the  positive eurozone Q2 GDP by  Eurostat had a  muted impact on  the  single currency. The  eurozone GDP print came in  at  -11.8% versus the  consensus estimate of  -12.1%. The  weak euro area employment change Q2 data also dragged the  pair lower.
The  currency pair’s future performance is likely to  be affected by  geopolitical events and  US dollar dynamics.
The  EUR/USD currency pair was trading at  1.1778 as  at  19:55 GMT, having fallen from a  high of  1.1827. The  EUR/JPY currency pair was trading at  124.93, having dropped from a  high of  125.64.
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