Germany has released producer price index (PPI) data that 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 notable improvement from the forecast of -0.3% YoY and the previous month’s figure of -1.1% YoY. This marks the first instance of positive growth in Germany’s PPI since July 2023.
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Following this release, the EURUSD rose to 1.03800.
Previously, the currency pair had dipped to 1.03431, approaching the lowest level seen in the past two years. The EURUSD faced downward pressure as the European Central Bank (ECB) is likely to be more aggressive in cutting rates compared to the Federal Reserve next year.
The German PPI data indicating positive growth has provided a fresh boost for the EURUSD. Given its proximity to a two-year low, market participants engaged in short covering, contributing to the upward movement.
