After 9 months hiatus, the Euro is back at the 1.0929 levels.

Published: January 25 2023, 21:31 GMT+0

After 9 months hiatus, the Euro is back at the 1.0929 levels.

While yesterday ended at 1.0889, today, EUR/USD rallied above 1.0929 for the first time in 9 months and gained 34 pips β€” now trading at 1.0923.

United States's Crude Oil Inventories new data released of 533,000 below its previous figure.

Euro-Dollar upside coincides with further encouraging market factors as highly important Business Climate Index data from Germany beat analyst expectations of 90.2 with a reading of 90.2. Highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Meanwhile, France Jobseekers Total released today at 11:00 UTC is better than expected at 2.82 million but down from preceding data of 2.81 million according to new data.

A look at other currencies also shows bullish price action as GBP/NZD is up 0.82%. GBP/CAD jumps 0.73% to trade around 1.66.

At the same time, USD/SGD is trading around 1.3129 (down 64 pips).

Positive indicators for the Euro are expected going forward as tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 205,000 β€” worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.

Furthermore, the market is looking at United States New Home Sales (Dec) is expected tomorrow at 15:00 UTC.

Euro-Dollar now trading 10.23% above its 3-month low of 0.9596.

Back