The Euro rallies beyond 1.0929 for the first time in 9 months

Published: January 25 2023, 22:51 GMT+0

The Euro rallies beyond 1.0929 for the first time in 9 months

While yesterday ended at 1.0889, today, EUR/USD rallied above 1.0929 for the first time in 9 months and gained 30 pips β€” now trading at 1.0919.

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

Uptick 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, 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.

Elsewhere, other currency pairs are also gaining ground as having closed the previous session at 1.8972, GBP/NZD is up 0.84% today to currently trade at around 1.9131. GBP/CAD soars 0.69% to trade around 1.6592.

While Euro-Dollar is up today, these currencies are lagging behind: USD/SGD is down 64 pips from the beginning of the session and now trades around 1.3129.

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

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

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