The Euro erases gains after it rallies beyond 1.0433 for the first time in 4 months, trading at 1.041

Published: November 25 2022, 11:11 GMT+0

The Euro erases gains after it rallies beyond 1.0433 for the first time in 4 months, trading at 1.041

After hitting its highest point in 4 months at 1.0433, EUR/USD dropped by 22 pips and is now trading at 1.041.

New Germany GDP improved upon the previous 0.1 figure while also exceeding analyst expectations with a reading of 0.4.

In contrast, positive data for the Euro reported earlier when data for Germany GDP published today at 07:00 UTC came out at 0.4, beating projections of 0.3 and showing improvement over the preceding figure of 0.1. Data for Germany Business Climate Index published yesterday at 09:00 UTC came out at 86.3, beating projections of 85 and showing improvement over the preceding figure of 84.5.

While price action maintains a negative bias, data for Germany GDP released today at 07:00 UTC is better than expected with 1.2%, but worse than previous figure of 1.7%.

Though Euro-Dollar has been dropping, other pairs have been performing better: having closed the previous session at 138.59, USD/JPY is up 0.56% today to currently trade at around 139.36. EUR/JPY is up 0.54%. GBP/JPY moves up 0.45% to trade around 168.65.

Furthermore, Euro Zone ECB's De Guindos speech will be released today at 17:00 UTC. Euro Zone CFTC EUR speculative net positions is scheduled for today at 19:30 UTC.

Having set a significant low of 0.9596 a month ago, Euro-Dollar is trading 8.5% higher.

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