Euro Declines on Weak Eurozone CPI Data Ahead of G20 Summit

The  euro today headed lower against the  US dollar from the  early European session following the  release of  the  mixed German retail sales data. The  EUR/USD currency pair extended its losses in  the  mid-European session after the  release of disappointing eurozone inflation data.
The  EUR/USD currency pair today declined from a  high of  1.1400 in  the  Asian session to  a  low of  1.1356, but had retraced some of  its losses at  the  time of  writing.
The  currency pair opened today’s session in  a  consolidative phase, but soon headed lower as  the  US dollar recovered from yesterday’s lows. The  release of  the  German retail sales data for  October by  the  Federal Statistical Office triggered a  significant decline by  the  pair. The  monthly retail sales contracted by  0.3% missing expectations of  a  0.4% expansion. The  country’s import price index data beat expectations, but could not lift the  pair. The  release of  the  eurozone inflation data for  November by  Eurostat drove the  pair to  new daily lows as  the  core CPI print missed expectations by  0.1%.
The  currency pair rallied slightly following the  release of  the  final Italian Q3 GDP data by  Istat, despite it missing expectations by  0.1%. The  pair was under constant selling pressure due to  the  prevailing risk-off sentiment, which favors the  safe haven US dollar.
The  currency pair’s short-term performance is likely to  be influenced by  the  outcome of  the  meeting between Chinese President Xi Jinping and  Donald Trump at  the  G20 Summit later today.
The  EUR/USD currency pair was trading at  1.1368 as  at  12:04 GMT having dropped from a  high of  1.1400. The  EUR/JPY currency pair was trading at  129.02 having fallen from a  high of  129.27.

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