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March 07, 2023EUR/USD drops from 1.0685 to 1.0666, losing 19 pips (0.18%) today.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
While price action maintains a negative bias, data for Germany Factory Orders released today at 07:00 UTC is better than expected with 1%, but worse than previous figure of 3.4%. 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.
In the meantime, negative performances are also seen in other pairs as AUD/USD dips 1.08% to trade around 0.6663.
Though the Euro has been dropping, other pairs have been performing better: EUR/AUD is up 0.85%. Having closed the previous session at 0.9309, USD/CHF is up 0.29% today to currently trade at around 0.9336.
Furthermore, Euro Zone ECB President Lagarde speech is scheduled tomorrow at 10:00 UTC. Germany Retail Sales is projected to outperform its last figure with 2.4%, having previously been at -5.3%. The figure will be published tomorrow at 07:00 UTC. Germany Industrial Production is projected to outperform its last figure with 1.4%. It previously stood at -3.1%; data will be released tomorrow at 07:00 UTC.
The currency pair has been trending lower for about a month. Having set a significant low of 0.9596 5 months ago, Euro-Dollar is trading 11.34% higher.
