GBP/EUR: Pound Steady vs. Euro As Angela Merkel Steps Down
  • EUR/USD tries to touch 1.2300
  • The German unemployment rate remains at 6.1 Percent.
  • US manufacturing numbers and US politics eyed.

EUR/USD trades near the day’s high around 1.2280, continuing the rise since the start of the first trading week of 2021.

Nevertheless, the pair fails to rally above 1.2300 to gain further momentum even with continued weakness in the USD.

The pair rallies primarily from a weak dollar; the uptick might continue for the time being. Later today, the focus will shift to the Georgia voting – an important event in the current US political situation.

Europe received a spate of economic data including German Retail Sales which increased by 1.9 Percent in November compared to 2.6 Percent previous reading. At the same time, the German unemployment rate remained unchanged at 6.1 Percent while the change in unemployment in December fell by 37k.

Further, ECB data showed M3 Money Supply rose 11.0 Percent – up to November, while Private Sector Loans expanded by 3.1 Percent YoY.

Traders will eye December’s ISM Manufacturing during the US session, API’s crude oil inventory data, and speeches from FOMC’s Evans and Williams.

At the time of writing, one Euro buys 1.2283 US dollars, up 0.33% as of 11:29 AM UTC.