EURUSD AT FOUR-WEEK HIGH; EUROZONE GDP RECOVERS IN Q1

Published on May 15, 2024 15:21

Euro extends upside and jumps to four week high against the dollar as greenback weakened sharply. The dollar index futures brushed aside higher than expected PPI data and added to losses, quoting at 104.74, down 0.15% on the day alongside fall in treasury yields. Investors now shift focus to US CPI report this week. EURUSD pair is currently quoting at $1.0842, up 0.6% on the day and at its best level since April 10th. Data from Eurozone docket showed euro area economy recovered as estimated in the first quarter after contracting for two straight quarters. Gross domestic product grew 0.3 percent sequentially, reversing the 0.1 percent falls each in the third and fourth quarters of 2023. Industrial production posted a monthly growth of 0.6 percent, confounding expectations for a decline of 0.3 percent. Production had increased 1.0 percent in February.