The Euro erases today's gains, loses 39 pips, and is trading lower at 1.0394 after 4 months high

Published: November 25 2022, 12:26 GMT+0

The Euro erases today's gains, loses 39 pips, and is trading lower at 1.0394 after 4 months high

After hitting its highest point in 4 months at 1.0433, EUR/USD dropped by 39 pips and is now trading at 1.0394.

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

Nonetheless, encouraging indicators for the Euro published earlier when highly important GDP data from Germany beat analyst expectations of 0.3 with a reading of 0.4. 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: USD/JPY surges 0.59% to trade around 139.41. EUR/JPY goes up 0.46% to trade around 144.91. USD/CHF gained 0.35% and is currently trading at 0.9463.

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

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

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