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

Published: January 25 2023, 21:40 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 32 pips β€” now trading at 1.0921.

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

Uptick comes while some more positive signs for the Euro 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. Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

At the same time, 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.

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. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. United States Initial Jobless Claims projected to decline to 205,000 while previous data was 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.

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

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