EUR/USD Falls Despite Positive Eurozone Macro Releases

EUR/USD fell today despite all macroeconomic reports released in the eurozone during Wednesday’s trading session were good, and the vast majority of them beat expectations. Against other rivals, the euro did not show a unified performance, rising against some but falling against others.
Eurostat reported that the unemployment rate in the eurozone was at 8.4% in October, down from 8.5% in September, in line with forecasts. Industrial producer prices in the eurozone increased by 0.4% in October, the same as in September, whereas analysts had predicted a slowdown to 0.2%. According to a report from Istat, the unemployment rate in Italy was unchanged at 9.8% in October, whereas the median forecast had promised an increase to 9.9%. Data from Destatis revealed that German retail sales rose by 2.6% in October on the previous month — two times the forecast increase of 1.3%. The previous month’s drop got a revision from 2.2% to 1.9%.
Today’s data proved that the economy remains resilient in the face of the COVID-19 pandemic. Coupled with hopes for a coronavirus vaccine being available soon, it gave traders a good reason to buy the euro. In fact, according to today’s news, the first shots of the Pfizer/BioNTech vaccine will be available in Britain next week. Yet it seems market participants do not feel as optimistic as they should have been, and the market lacks a clear trend as a result.
EUR/USD edged down from 1.2069 to 1.2064 as of 13:11 GMT today, while its session maximum was at 1.2088 and the minimum was at 1.2040. EUR/JPY rose from 125.90 to 126.17. EUR/CHF declined from 1.0855 to 1.0818, retreating from the daily high of 1.0872.
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