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March 08, 2023EUR/USD weakened earlier in the day, before moving away from its 1.0529 low and recovering back to 1.0544.
Euro Zone ECB President Lagarde speech is next today at 10:00 UTC.
Amid the market gloom, Germany Retail Sales released earlier showed a marked improvement to -0.3% from the preceding data of -5.3%, but fell short of the 2% figure forecast by a consensus of market analysts. Germany Industrial Production beat analyst expectations of 1.4% and the previous reading of -2.4% with new data of 3.5%. Germany Factory Orders released yesterday at 07:00 UTC is better than expected at 1% but down from preceding data of 3.4% according to new data.
Though the Euro has been dropping, other pairs have been performing better: USD/JPY is up 0.34%. EUR/JPY increases 0.28% to trade around 145.04. Having closed the previous session at 162.17, GBP/JPY is up 0.32% today to currently trade at around 162.69.
Furthermore, Euro Zone ECB President Lagarde speech scheduled to come out today at 10:00 UTC. France Non-Farm Payrolls (QoQ) (Q4) is scheduled for tomorrow at 06:30 UTC. Projections for Euro Zone GDP are set for a continuation of decline with 0.1 while previous data was 0.3; data will be released today at 10:00 UTC.
The currency pair has been trending lower for about a month. Having established significant support at 0.9596 approximately 5 months ago, the Euro's share price has bounced 9.96% higher.
