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June 07, 2023After closing the previous trading day at 1.0697, EUR/USD went up to 1.0742 only to drop back; still positive overall today, now trading at 1.0704.
United States's Crude Oil Inventories new data released of -451,000 below its previous figure.
This move comes while some more positive signs for Euro-Dollar are out as Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
At the same time, Germany Industrial Production released earlier showed a marked improvement to 0.3% from the preceding data of -2.1%, but fell short of the 0.6% figure forecast by a consensus of market analysts. Euro Zone Retail Sales released earlier showed a marked improvement to 0% from the preceding data of -0.4%, but fell short of the 0.2% figure forecast by a consensus of market analysts.
A look at other currencies also shows bullish price action as GBP/NZD added 0.79% to its value, now trading at 2.0591. EUR/NZD is up 0.71%. Having closed the previous session at 173.38, GBP/JPY is up 0.53% today to currently trade at around 174.3.
Furthermore, the market is looking at Euro Zone GDP projected to decline to zero while previous data was 0.1; data will be released tomorrow at 09:00 UTC. Projections for Euro Zone GDP are set for a continuation of decline with 1.2% while previous data was 1.8%; data will be released tomorrow at 09:00 UTC. France Non-Farm Payrolls (QoQ) (Q1) is scheduled for tomorrow at 05:30 UTC.
The currency pair has been trending lower for about a month. Having set a peak of 1.1073 around a month ago, Euro-Dollar is now trading 3.39% below this level.
