The Euro is enjoying a positive start to the day despite some weak numbers from Europe’s leading economy. Investors would now be watching the US Jobless Claims and the ECB monetary policy meeting minutes to determine how to approach the EUR/USD pair.
Euro Rises Despite Weak German Data
The EUR/USD is slightly up this morning, rising by 0.2% to climb past the $1.800 mark. The rally can be attributed to some key figures released from Germany this morning. As Europe’s leading economy, German numbers are important to the performance of the Euro.
Germany’s trade surplus declined from €15.2bn to €12.3bn, well below the €17.4bn predicted by market analysts. Exports went up by 0.3% month-over-month but were up by a massive 36.4% on the same month a year earlier. Imports, on the other hand, increased by 3.4% in the previous month.
The trade figures with EU and non-EU countries were positive but didn’t meet the target set by market experts. However, the slight improvement was enough to put Euro on a positive trend. The EUR/USD pair began the day trading falling to a post-stat low of 1.17924. The pair quickly recovered to reach an intraday high of 1.18390. At the time of this writing, EUR/USD is up by 0.20% and trading around 1.18390.
US Data and ECB Minutes To Determine Next Performance
The EUR/USD’s performance over the coming hours would be determined by two key events. The US Jobless Claim data would be published later today. A sharp decrease in claims could boost the chances of the FED making a move sooner rather than later. This could boost the US Dollar, and the EUR/USD pair would grow weak as a result.
A sharp fall in claims could raise the prospects of a sooner rather than a later move by the FED. Furthermore, the ECB monetary policy meeting minutes will play a crucial role in how the pair performs in the next few hours.