Forex Daily Recap – EUR/USD Pair Showing Significant Improvements on the Release of the EU Events

NZD/USD

The pair started around the 0.6666 levels and seesawed later the day. After that, the Kiwi pair showcased a sharp fall post 06:30 GMT after the release of the ANZ Business Confidence. This data came out near negative 37.5 to than the estimated negative 42.8 points. The NZD/USD pair slipped down with 21 pips from 0.6681 levels. During the European session, the pair gained some impulse. It got resisted back from the day’s low point near, 0.6656 levels. The US, Redbook index, the employment cost index and the S&P/CS HCPI came out more bearish. These data later pushed down the pair in the North American session.

EUR/USD

The EUR/USD pair opened up near 1.1180 levels. In the early hours of the day, the pair continued correcting itself near 1.1186 levels. Later, the pair remarkably displayed good improvements. The EUR/USD pair reached 1.1228 levels following a sharp 48 pips rise.

The Asian shares weakened after the release of the NBS and Caixin Manufacturing PMI. The index appeared lower than the consensus estimates. The Chinese currency remained bearish and resisted the Euro pair from any upthrust.

The calendar events struck many optimistic numbers during the European session. Firstly, the EUR QoQ & YoY GDP data came out bullish with 1.2 & 0.4 percent respectively. Secondly, the German HICP reports appeared 0.4 percent higher than the estimated 1.7 percent. Thirdly, the German CPI and Unemployment Change came out as 2 percent and negative 12K respectively. Fourthly, the EUR’s March Employment recorded a decrease. These events helped the Euro to boost up throughout the day.

The US Dollars failed to strengthen in the morning hours which was getting resisted with low Chinese data. In the European session, the USD slipped a bit after the S&P/CS HPI and the Chicago PMI got issued. The softening of USD let the EUR/USD pair climb up making spontaneous increments.

USD/CAD

The Loonie opened near 1.3455 levels and remained to fluctuate near this opening point. The USD/CAD pair touched a new high for the day around 1.3455 levels. The pair later slumped in the European session, reaching near 1.3426 levels.

The pair missed appreciating after the CAD and US events got released. The Canadian GDP for February reported a negative 0.1 percent. Moreover, the BoC’s Governor’s speech remained bearish in their interest rates and MPC decisions.

The US economic events for the day came out unsatisfactory and did not allow the USD to wave upward. The softening of American Dollars paved the way for CAD to uplift during the afternoon session.

US Dollar Index

The greenback kicked off the day at around 97.85 levels. The Asian session showcased a few corrections in American Dollars and later marked a severe downfall. The USD slipped with 0.40 levels and created a new low near 97.40 levels. On the release front, the US economic data captured a bullish stance. This data helped the USD pair to jump up from its lowest vicinity.

The Chinese market stood bearish for the day. This negative sentiment drew in the depreciation of the currency in the early hours. Nevertheless, the US economic events got published around 13:00 GMT.  These financial data had contributed to the majority bearish outlook. The green money was trading near 97.56 levels at 16:15 GMT.