Euro Rises Despite Weak Eurozone Trade Data

November 18, 2013

The euro is trading higher against the dollar today, and extended gains in the European session despite disappointing Eurozone trade data which showed the current account declined in October. The surplus shrunk to 13.7 billion euros, compared to 17.4 billion in the previous data release.

The euro managed to shrug off the data and edged higher to trade in the low $1.35 range, hitting a session high of $1.3517. Since Friday, the euro has gained 0.4 percent against the US dollar.

Bigger gains in the euro may be limited due to signs of a trouble in the Eurozone economic recovery, especially after data last week showed the region is marred by low inflation.

For now the euro is being buoyed by a weaker dollar, which was weighed down by Friday’s weak US data. The Empire State Manufacturing Index slumped to a ten-month low. Also Janet Yellen’s support of quantitative easing, meaning a delay for Fed tapering, is also weighing on the dollar.

The dollar’s rally against the yen last week led to a breach of the key 100 yen level, around which the USDJPY has been hovering today. A continuation of the rally has lost steam due to the broadly weaker dollar today. The pair fell to a session low of 99.77 before climbing back to the key 100 yen level where it has found support.

There are no major releases of US data later today, so a quiet US session is expected.

In other currencies, the British pound moved higher against the dollar early in the session to peak at a fresh new two-week high of $1.6147 before easing back on profit-taking. 

Aussie hit a new one-week high of $0.9417 early in the European session.

Publication source
FxNet information  FxNet reviews

February 20, 2017
U.S. dollar attempts to post a recovery amid a slow trading day
The U.S. dollar is attempting to post some gains to build up from Friday's reversal. Price action has formed an inside bar among EURUSD and USDJPY which could indicate a potential breakout trading that could establish the near-term direction of prices...
February 20, 2017
FOMC & RBA February meeting minutes, key data in focus
In the US, the Fed will release the minutes of its February meeting. Markets will probably focus on any signals regarding the timing of the next rate hike...
February 20, 2017
EURUSD is having difficulties to go any higher
The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece...

FIBO Group Rating
Larson&Holz IT Ltd Rating
 FXTM Rating
OctaFX Rating
FOREX.com Rating
Vantage FX Rating

EZTrader Rating
Porter Finance Rating
Binary Brokerz Rating
365BinaryOption Rating
Binary.com Rating
OptionTrade Rating