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Thursday, 5 January 2017

The rise of the euro

Good data from the eurozone helped the euro and the single currency took back territory against other major currencies.
Published data on unemployment in Spain (reduced by over 86 000 in expectation of 44000), PMI index of services for four major EU economies - Germany, France, Italy (only here a negative divergence forecasts: 52.3 against 52.7) and Spain as well as the overall index for the EU (53.7 in forecasts for 53.1), gave major impetus to the growth of the euro during the day.
Preliminary information about the consumer price index for the EU was also positive (1.1% against expectation of 1%), but it was unable to give further acceleration to move up. This happened in early US session - during the first hour EUR/USD added 25 pips to its value.
By 20:00 GMT EUR/USD is trying to break 1.0600 level.



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