The Euro retraces 11 pips from 9 months high, trades at 1.0917

Published: January 25 2023, 19:55 GMT+0

The Euro retraces 11 pips from 9 months high, trades at 1.0917

EUR/USD reached 1.0929, breaking a 9 months record. Later, it lost 11 pips and is now trading at 1.0917.

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 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.

A look at other currencies also shows bullish price action as GBP/NZD gained 0.85% and is currently trading at 1.9133. GBP/CAD jumps 0.71% to trade around 1.6596.

Meanwhile, USD/SGD is down to 1.3132, losing 62 pips, after closing at 1.3194 in the preceding trading session.

Positive indicators for Euro-Dollar 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. 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. 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.

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

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