The Euro retracted 13 pips from 4 months high and trades at 1.042

Published: November 25 2022, 10:30 GMT+0

The Euro retracted 13 pips from 4 months high and trades at 1.042

EUR/USD rallied to 1.0433, hitting its highest point in 4 months. It later lost 13 pips and is now trading at 1.042.

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

The Euro upside coincides with further encouraging market factors as 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.

At the same time, Germany GDP released today at 07:00 UTC is better than expected at 1.2% but down from preceding data of 1.7% according to new data.

Other currencies are also rising as EUR/JPY is up 0.57%. USD/JPY gained 0.48% and is now trading at 139.26. GBP/JPY is up 0.45% to 168.64.

The market is looking forward to the release of new data: Euro Zone ECB's De Guindos speech scheduled to come out today at 17:00 UTC. Euro Zone CFTC EUR speculative net positions will be released 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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