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March 06, 2023
After closing at 1.0635 Friday, EUR/USD opened today at 1.0627, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, EUR/USD retains a distinct 1.0593 to 1.066 daily range.
Meanwhile, Euro Zone Retail Sales released earlier showed a marked improvement to 0.3% from the preceding data of -1.6%, but fell short of the 1% figure forecast by a consensus of market analysts.
Though the Euro has been dropping, other pairs have been performing better: EUR/NZD gained 0.59% and is currently trading at 1.7184. EUR/AUD added 0.56% to its value, now trading at 1.5795. GBP/NZD moves up 0.38% to trade around 1.9415.
Furthermore, projections for Germany Factory Orders are set for a continuation of decline with -1% while previous data was 3.2%; data will be released tomorrow at 08:00 UTC. Germany Buba Balz speech is scheduled for today at 16:00 UTC. United States Fed Chair Powell testimony set for tomorrow at 15:00 UTC.
The currency pair has been trending lower for about a month. After setting a supportive marker at 0.9596 around 5 months ago, the Euro is now trading 10.82% above this level.
