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May 23, 2023EUR/USD is grinding lower from 1.0819 to 1.0789, shedding 29 pips (0.28%) today.
Euro-Dollar is currently trading at 1.0789 following the release of New Home Sales (Apr) data from the United States.
While price action maintains a negative bias, Germany Manufacturing PMI came out at 42.9, while a consensus of analysts was expecting 45. United States New Home Sales (Apr) released today at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Building Permits released today at 12:00 UTC with a figure of 1.15 million, while the previous figure was 1.43 million.
In the meantime, negative performances are seen in other pairs, EUR/JPY is trading around 149.4 (down 42 pips). After ending yesterday's session at 0.6289, NZD/USD lost 31 pips and is trading around 0.6258.
Though the Euro has been dropping, other pairs have been performing better: GBP/NZD increases 0.43% to trade around 1.9853.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming Germany Business Climate Index data is projected to fall short of market expectations with newly published data of 93, following on from the preceding figure of 93.6. New data is set to be published tomorrow at 08:00 UTC.
Furthermore, Euro Zone ECB President Lagarde speech is scheduled tomorrow at 17:45 UTC. Germany Business Expectations expected to decline to 91.9 while its preceding data was 92.2, data will be available tomorrow at 08:00 UTC.
As things stand, the Euro is 2.3% away from a significant high of 1.1073, first set 20 days ago.
