Euro Rallies on Upbeat Sentiment and Mixed Euro Area Macro Prints

The  euro today rallied against the  dollar due to  the  positive investor sentiment, which saw risk assets rally despite the  coronavirus situation in  Europe. The  EUR/USD currency pair’s rally was also boosted by  the  upbeat inflation reports from Spain and  France despite other disappointing macro reports.
The  EUR/USD currency pair today rallied from a  low of  1.1799 in  the  Asian session before rallying to  a  high of  1.1834 in  the  mid-European market and  was near these highs at  the  time of  writing.
The positive investor mood drove the currency pair’s initial rally, and the release of the mixed German wholesale price index for  October did not stop its ascent. According to  the  Federal Statistical Office, Germany’s wholesale prices contracted 0.2%, translating to an annualised 1.9%. The release of  France’s consumer price index by  Insee helped the  pair by  staying flat instead of  the  expected 0.1%. The  release of  Spain’s inflation report for  October, which came in  at  0.5% also boosted the  pair. The  release of  the  disappointing eurozone Q3 GDP coincided with the  pair’s top. According to  Eurostat, the  euro areas GDP expanded 12.6% missing expectations by  0.1%.  
The  release of  the  mixed US producer price index by  the  Bureau of  Labor Statistics had a  muted impact on  the  pair. The  disappointing University of  Michigan US consumer sentiment survey pushed the  pair to  its previous highs.
The  currency pair’s performance over the  upcoming weekend is likely to  be affected by  US dollar dynamics.
The  EUR/USD currency pair was trading at  1.1827 as  at  18:52 GMT having rallied from a  low os 1.1799. The  EUR/JPY currency pair was trading at  123.76 having fallen from a  high of  124.31.
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