Euro-Dollar retracted 14 pips from 9 months high and trades at 1.0915

Published: January 25 2023, 19:26 GMT+0

Euro-Dollar retracted 14 pips from 9 months high and trades at 1.0915

EUR/USD rallied to 1.0929, hitting its highest point in 9 months. It later lost 14 pips and is now trading at 1.0915.

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. United States Crude Oil Inventories published today at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

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 leaps up 0.77% to trade around 1.9119. GBP/CAD gained 0.68% and is now trading at 1.6591.

While Euro-Dollar is up today, these currencies are lagging behind: USD/SGD drops 0.46% to trade around 1.3134.

Positive indicators for the Euro are expected going forward as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released tomorrow at 13:30 UTC. 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. 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.

The market is looking forward to the release of new data: United States New Home Sales (Dec) will be released tomorrow at 15:00 UTC.

The past 3 months have been positive for the Euro as it added 10.23% compared to its 3-month low of 0.9596.