Sentiment seems to have shifted against the common currency Euro after the release of regional inflation data from Saxony, Germany helped to push the Euro lower versus the US Dollar. Similarly, data released earlier today from the European Commission shows that consumer confidence for March remains at a -5 while industrial confidence fell to 1.2 from 1.3, against forecasts of a rise to 1.4. Readings on business climate, and services and economic sentiment indicators also declined from previous months. Later today, Germany’s Statistics Bureau will release CPI for March and, though only preliminary readings, forecasters expect an across-the-board fall from previous months.
As reported at 10:56 am (BST) in London, the EUR/USD was lower at $1.0739, down 0.26%; the pair earlier hit a trough of $1.0732 while the high for the session stands at $1.0770. The EUR/GBP was down 0.24% to trade at 0.8637 Pence, off the session low of 0.8627 Pence.
Dollar Regaining Some Ground
In the US, the Dollar is still trying to recover from an overwhelming sentiment shift in the wake of Trump’s healthcare failure. Markets will be turning their attention to the economic data releases later today which will show the most recent reading for Q4 GDP, as well as weekly jobless claims and personal consumption spending. Also later today, two more members of the Fed’s FOMC will offer their views on the US economy and the potential for more rate hikes in the coming months. The USD/JPY pair is up 0.18% to trade at 111.227 Yen, while the GBP/USD was nearly flat at $1.2439, a gain of 0.01%
