Germany has released its Producer Price Index (PPI) data, significantly impacting EURUSD movement in trading on Friday (December 20, 2024).
The PPI for November was reported at 0.1% year-on-year (YoY), much better than the forecast of -0.3% YoY and 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 the release, EURUSD climbed to 1.03800.
Prior to this, the currency pair had dipped to 1.03431, nearing its lowest level in two years. The decline in EURUSD was due to expectations that the European Central Bank (ECB) might be more aggressive in cutting interest rates compared to the Federal Reserve next year.
The German PPI data showing positive growth provides a refreshing boost for EURUSD. Given its position close to a two-year low, market participants engaged in short covering, resulting in the upward movement.
