EUR/USD rises back above 1.0800 but remains in negative territory

FXStreet (Córdoba) - EUR/USD managed to move off session lows during the last hours and trimmed losses. The pair bottomed during the American session at 1.0779, the lowest level in a month and then rose back above 1.0800.

The euro weakened after the release of German inflation data and continued to decline despite US economic data pushing EUR/USD toward 1.0800. Greenback lost strength during the last hour as stocks in Wall Street move off daily lows and EUR/USD rose more than 40 pips from the lows.

From the bottom, the pair climbed to 1.0824 and it was trading at 1.0820/24, down 0.35% for the day, headed toward the lowest close since December 2.

Data ahead

During the next days, there will be a lot of economic reports from the Euro area and the US. Tomorrow preliminary CPI numbers of December of the Eurozone will be released, on Wednesday the PMI composite and on Thursday, ECB accounts, retail sales and the economic confidence survey. In the US, the key report will be NFP numbers on Friday and the ADP employment report on Wednesday, that same day the FOMC minutes will be published.