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June 07, 2023After closing the previous trading day at 1.0697, EUR/USD is up to 1.0703, which makes for a move of 0.05%/5 pips today.
Meanwhile, 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. Germany Factory Orders came out at -0.4%, better than analyst estimates of -2.2% and improving upon the previous reading of -10.9%. United States API Weekly Crude Oil Stock came out at -1.71 million, while a consensus of analysts was expecting 1.5 million.
A look at other currencies also shows bullish price action as having closed the previous session at 0.6078, NZD/USD is up 0.11% today to currently trade at around 0.6085.
While the Euro is up today, these currencies are lagging behind: USD/JPY slips 0.17% to trade around 139.38.
Other currencies are showing mixed performance as AUD/USD trades around 0.6684, with no major change.
Elsewhere, projections for Euro Zone GDP are set for a continuation of decline with zero while previous data was 0.1; data will be released tomorrow at 09:00 UTC. Germany Industrial Production is projected to outperform its last figure with -1.3%, having previously been at -3.4%. The figure will be published today at 06:00 UTC. Tomorrow at 09:00 UTC data for Euro Zone GDP will be released, with an expected decline to 1.2% from the preceding figure of 1.8%.
The currency pair has been trending lower for about a month. The Euro is now trading 3.39% away from its significant high of 1.1073 first tested a month ago.
