The Euro retreats 11 pips from 9 months high

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

The Euro retreats 11 pips from 9 months high

EUR/USD rallied to 1.0934, hitting its highest point in 9 months. It later lost 11 pips and is now trading at 1.0922.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 205,000.

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 yesterday 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, 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.

A look at other currencies also shows bullish price action as having closed the previous session at 129.51, USD/JPY is up 0.14% today to currently trade at around 129.69. USD/CAD ascends 0.19% to trade around 1.3405. EUR/JPY goes up 0.13% to trade around 141.54.

The market is looking forward to the release of new data: Euro Zone ECB President Lagarde speech is scheduled 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 for 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.