Germany has released its producer price index (PPI) data, which significantly influenced the EURUSD exchange rate during trading on Friday (December 20, 2024).
The PPI for November was reported at 0.1% year-on-year (YoY), a substantial improvement compared to 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 of this data, the EURUSD rose to 1.03800.
Earlier, this currency pair had dropped to 1.03431, nearing its lowest point in two years. The EURUSD had faced downward pressure as the European Central Bank (ECB) is anticipated to cut interest rates more aggressively than the Federal Reserve in the upcoming year.
The positive growth indicated by the PPI data has provided a boost to the EURUSD. Given its proximity to a two-year low, market participants engaged in short covering, which led to the increase.
