EUR/USD: German and US data underpin the downtrend

EUR/USD is trading sub-1.0800, confined to a tight intraday range although at fresh multi-month lows, having extended its decline to 1.0777. Valeria Bednarik, Chief Analyst at FXStreet, reviews the lastest data released which has impacted the pair.

Key quotes

“German data released this Thursday failed to impress, as the GFK Consumer Confidence Survey came in at 9.8 in March as expected, but below the previous 9.9. The country Producer Price Index for the same month rose by 0.8% MoM, much better than the 0.2% expected, and was up by 0.2% YoY, also beating the market’s expectations.”

“The US has just released unemployment claims for the week ended February 14, which came in as expected at 210K, and the Philadelphia Fed Manufacturing Survey, which resulted at 36.7 against the expected 12 and the previous 17.”