Germany has released its Producer Price Index (PPI) data, which has significantly influenced the EURUSD movement during trading on Friday (December 20, 2024).
The PPI for November was reported at 0.1% year-on-year (YoY), which is notably better than the forecast of -0.3% YoY and a substantial increase from the previous month’s -1.1% YoY. This marks the first instance of positive PPI growth in Germany since July 2023.
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Following this release, the EURUSD rose to 1.03800.
The currency pair had previously dropped to 1.03431, nearing its lowest level in two years. The EURUSD had been under pressure due to expectations that the European Central Bank (ECB) might cut interest rates more aggressively than the Federal Reserve next year.
The release of positive PPI data from Germany has provided a boost for the EURUSD. As the pair was close to its two-year low, market participants engaged in short covering, leading to the increase.
