GBP/EUR: Traders React To European Parliamentary Elections

EUR/USD tests 2021 low of 1.1980.
EMU’s Retail Sales rose 2% MoM in December.
US Initial Claims rose by 779K ahead of forecasts

Euro weakness drives EUR/USD to YTD lows around 1.1980 zone.

EUR/USD weaker on USD-buying

EUR/USD sheds further following the improved sentiment towards the greenback, which  is supported by higher US yields.

Adding to Euro weakness  EUR/GBP trades at 9 month highs following a spike in Sterling after the BoE meeting. Eurozone retail sales expanded by 2.0% month on month in December beating forecasts. In the US, weekly Claims rose less than forecast during the week ended on January 30, by 779K.

December’s Factory Orders are up next in addition, FOMC’s M.Daly is also due to speak.