Euro strengthens despite German GDP dip and ECB rate hike signals


The euro has seen an uptick against the US dollar amid mixed economic signals from the Eurozone. On Thursday, despite prevailing market uncertainties, the European currency gained ground following the release of eurozone Purchasing Managers' Index (PMI) data, which indicated slight improvements, although still below the growth threshold. In addition, minutes from the European Central Bank's (ECB) latest meeting revealed a readiness to raise interest rates further if the economic situation demands it.

Today, attention turned to Germany as it reported its first gross domestic product (GDP) decline since the fourth quarter of 2022. The contraction in Europe's largest economy has escalated fears of a recession and failed to meet year-on-year growth expectations. The market is now closely watching Germany’s Ifo Business Climate Index and awaiting comments from ECB President Christine Lagarde and other central bank officials for further economic insights.

The subdued volatility in U.S. markets following Thanksgiving is expected to influence currency movements, particularly with option expiries at a pivotal level for the EUR/USD pair. Current rate hike expectations suggest that we may have reached the peak of this cycle, with potential interest rate cuts projected by mid-2024.

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Source : Economy News by / Nov 24, 2023 logo


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