The German export data was released today, but despite negative results, it failed to slow down the euro in sessions. German exports reportedly fell by 1.8% in August.
Traders now worry about the eurozone’s ailing economy as it could drag down the euro in future sessions. Despite negativity around the German exports, the data wasn’t enough to add too much pressure to the single currency.
In contrast to the exports, the German import data reportedly grew 0.5% that month. Speculations about a recession flared up after the data came out earlier this day.
The manufacturing industry of the largest European economy has already weighed on the currency in the past. But fortunately for it, a string of positive data from Italy and other countries prevented another fall.
The August drop in the German export data is the sharpest fall since April 2019.
Positive data from the Italian industrial production index and the Greek Harmonized index of consumer prices also supported the euro today.
The German export data didn’t faze euro traders as the euro continued to play actively in sessions. The single currency gained against its major competitors in today’s trading.
First, the EUR USD exchange rate went up by 0.55% or 0.0060 points in Thursday’s sessions.
The pair currently trades for $1.1029 and has fluctuated between $1.0971 and $1.1034.
The EUR GBP trading pair also climbed up 0.28% or 0.0026 points today. The EUR GBP pair reached ranges from £0.8982 and £0.9019.
Meanwhile, the EUR CHF pair rose 0.27% or 0.0029 points, trading at Fr1.0951 against its last close of Fr1.0922.
Lastly, the single currency to Japanese yen rallied 0.53% or 0.62 points in today’s trading. The pair extended its gains from ¥117.57 to ¥118.56.
However, traders are concerned about the single currency as the German economy could drag it down in the future. Economists say that a no-deal Brexit could hurt the economy, thus pulling the euro along the way.