EUR/USD gathers strength to near 1.1400 ahead of German data, US PCE releases

• EUR/USD trades in positive territory around 1.1390 in Wednesday’s early Asian session. 

• US job openings fell to 7.19 million in March, the lowest since September 2024. 

• Traders brace for the German Retail Sales, CPI, and GDP data, followed by the US PCE report, which is due on Wednesday. 

The EUR/USD pair gains ground to near 1.1390 during the early Asian session on Wednesday. The US Dollar (USD) edges lower against the Euro (EUR) due to softer-than-expected US economic data. The German economic data and US Personal Consumption Expenditures - Price Index (PCE) report for March will be in the spotlight later on Wednesday. 

US job openings fell last month to the lowest since September 2024, indicating weaker labor demand amid increased economic uncertainty, according to the US Bureau of Labor Statistics on Tuesday. The figure declined to 7.19 million in March from a revised 7.48 million in February, below the market consensus of 7.5 million.

Meanwhile, the Conference Board’s Consumer Confidence Index fell sharply to 86.0 in April from the previous reading of 93.9 (revised from 92.9), its lowest reading since April 2020. This report suggested the weakening of the US economy. The chance of a rate cut from the US Federal Reserve (Fed) jumped to 56.8% after weaker-than-expected labor and sentiment data increased concerns about economic momentum. This, in turn, has dragged the Greenback lower and acts as a tailwind for the major pair.

Traders will closely watch the release of Retail Sales, Consumer Price Index (CPI) and the advanced estimate of Q1 Gross Domestic Product (GDP) from Germany. Also, the preliminary Q1 GDP Growth Rate for the Eurozone will be released on the same day. If the reports show a stronger-than-expected outcome, this could lift the shared currency in the near term. currency in the near term.