Economics
Euro Rallies Against Dollar on Elevated Sentiment, Falls Then Rises
The euro today rallied against the US dollar twice followed by quick retracements despite the upbeat investor risk appetite that boosted risk assets. The EUR/USD currency pair today rallied then gave up all its gains before rallying again as the bulls and bears fought for control amid mixed euro area macro prints. The EUR/USD currency pair today rallied from a low of 1.1717 in the Australian market to a high of 1.1770 […]

The euro today rallied against the US dollar twice followed by quick retracements despite the upbeat investor risk appetite that boosted risk assets. The EUR/USD currency pair today rallied then gave up all its gains before rallying again as the bulls and bears fought for control amid mixed euro area macro prints.
The EUR/USD currency pair today rallied from a low of 1.1717 in the Australian market to a high of 1.1770 in the mid-European session. Still, it had two significant retracements recovering each time.
The heightened investor risk appetite drove the currency pair’s rally. The release of the disappointing Markit/BME Germany Manufacturing PMI, which came in at 56.4 versus the consensus estimate of 56.6 drove the pair lower. The upbeat Markit France Manufacturing PMI, which came in at 51.2 versus the expected 50.9 had no impact on the pair. The in-line Markit eurozone Manufacturing PMI, which was recorded at 53.7, also had a muted effect on the euro. The pair recovered and rallied higher after the release of the upbeat eurozone producer price index report for August by Eurostat. The in-line eurozone unemployment report also boosted the single currency.
The release of the upbeat US Personal consumption expenditure report coupled with the positive US initial jobless claims report drove the euro’s second decline, which was quickly followed by a rally.
The currency pair’s future performance is likely to be affected by tomorrow’s eurozone inflation data and US dollar dynamics.
The EUR/USD currency pair was trading at 1.1746 as at 18:49 GMT having risen from a low of 1.1717. The EUR/JPY currency pair was trading at 123.98 having rallied from a low of 123.61.
© SimonMugo for Forex News, 2020. |
Permalink |
No comment |
Add to
del.icio.us
Post tags: EUR/JPY, EUR/USD, Eurozone, IHS Markit, Jobless Claims, Manufacturing, PCE, PMI, PPI, Risk Appetite, Unemployment
Feed enhanced by Better Feed from Ozh

Mapped: 2023 Inflation Forecasts by Country
Inflation surged on a global scale in 2022, hitting record-level highs in many countries. Could it finally subside in 2023?
The post Mapped: 2023 Inflation…
Mooners and Shakers: Bitcoin pulls back a bit (AI tokens a lot); High-volume Aussie traders have been buying, says Swyftx
Bitcoin, and the crypto market on the whole, have retraced somewhat overnight. In fact, AI tokens have taken quite a … Read More
The post Mooners and…
Erik Schön: The Art Of Strategy
What is strategy, and is it useful for business? Business schools want you think it is the critical factor in competitive success or failure. They teach…
-
Energy & Critical Metals22 hours ago
Aluminum Prices Pause Following Surge
-
Energy & Critical Metals16 hours ago
Newmont’s $24B Grab for Newcrest Highlights the Majors’ Increased Interest in Copper
-
News Releases15 hours ago
enCore Energy Closes C$34.5m Public Offering
-
Financing News16 hours ago
Wellfield Closes Acquisition of Tradewind Markets and Private Placement – Creates Transformational Platform for Precious Metals Investors and Producers
-
Base Metals17 hours ago
Fortescue signs mining convention for Gabon iron ore project
-
Uncategorized12 hours ago
Ultra Lithium drills 2.68% Li2O over one metre at Forgan Lake, Ontario
-
Companies17 hours ago
Asante Announces Significant Gold Intercepts From Its Ongoing Exploration Program at Aboduabo Prospect
-
Base Metals17 hours ago
US to retire 15GW of coal and gas-fired power plants in 2023