Euro-Dollar goes back up to April 2022 levels, reaching 1.0929

Published: January 25 2023, 23:40 GMT+0

Euro-Dollar goes back up to April 2022 levels, reaching 1.0929

While yesterday ended at 1.0889, today, EUR/USD rallied above 1.0929 for the first time in 9 months and gained 38 pips — now trading at 1.0927.

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

This move comes while some more positive signs for Euro-Dollar are out as new Business Climate Index data from Germany matched market expectations with a reading of 90.2 — a positive step in contrast to previous data of 88.6 from last month. Highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Meanwhile, data for France Jobseekers Total released today at 11:00 UTC is better than expected with 2.82 million, but worse than previous figure of 2.81 million.

Other currencies are also rising as GBP/NZD rallies 0.93% to trade around 1.9149. GBP/CAD leaps up 0.83% to trade around 1.6616.

While the Euro is up today, these currencies are lagging behind: USD/SGD is trading around 1.3121 (down 72 pips).

Positive indicators for Euro-Dollar are expected going forward as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

Also worthy of note, United States New Home Sales (Dec) will be released tomorrow at 15:00 UTC.

Having set a significant low of 0.9596 3 months ago, Euro-Dollar is trading 13.46% higher.