Germany has published producer price index (PPI) data that significantly affected the movement of EURUSD on Friday (December 20, 2024).
The PPI for November was reported at 0.1% year-on-year (YoY), which is much better than the forecast of -0.3% YoY, and an improvement from the previous month’s -1.1% YoY. This marks the first positive growth in Germany’s PPI since July 2023.
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Following this release, EURUSD rose to 1.03800.
Before this increase, the currency pair had dipped to 1.03431, nearing its lowest point in two years. The EURUSD was under pressure due to expectations that the European Central Bank (ECB) might take a more aggressive approach to interest rate cuts compared to the Federal Reserve in the upcoming year.
The German PPI data indicating positive growth provided a boost for the EURUSD. With the currency being close to its two-year low, market participants engaged in short covering, resulting in the uptick.
