The Euro retraces 22 pips from 9 months high, trades at 1.0911

Published: January 26 2023, 07:16 GMT+0

The Euro retraces 22 pips from 9 months high, trades at 1.0911

After hitting its highest point in 9 months at 1.0934, EUR/USD dropped by 22 pips and is now trading at 1.0911.

Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 205,000. Potentially significant price fluctuations in Euro-Dollar are expected to follow.

On the flip side, 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 yesterday at 11:00 UTC is better than expected with 2.82 million, but worse than previous figure of 2.81 million.

Positive performances can be seen by looking at other currencies as USD/CAD moves up 0.2% to trade around 1.3405. GBP/CAD goes up 0.11% to trade around 1.6609.

Around the markets, mixed performances are seen by currencies as GBP/USD moves 0.08% to trade around 1.2393.

Furthermore, Euro Zone ECB President Lagarde speech set for tomorrow at 10:30 UTC. Spain GDP figure is projected at 0.1. It previously stood at 0.1; data will be released tomorrow at 08:00 UTC. Germany Buba Balz speech is scheduled tomorrow at 17:00 UTC. Euro Zone CFTC EUR speculative net positions scheduled to come out tomorrow at 20:30 UTC.

Having set a significant low of 0.9596 3 months ago, the Euro is trading 13.79% higher.