After recording a new record high passing by the 1.43 level yesterday, the Euro continued to impress rising further today and recording yet another new all times high ahead of the release of the growth data from the Euro Zone that is due later today. As the U.S dollar depreciated even further against majors, at the same time the Yen extended its gains driving the USD/JPY pair to the 115s level, while the Pound inclined to reach near the 2.05 yet did not have the enough momentum to pass by it.
Profit taking transactions took place yesterday after the Euro passed by the 1.43 level for the first time ever; driving the pair back to the downside, yet with the start of today's Asian session the Euro started to gain once again after recording a low of 1.4277 rising from that point, and eventually recording yet another new life time record at 1.4318.
Germany released their PPI figures for the month of September today, rising on the month only by 0.2% below expectations of a 0.3% rise yet higher than the previous 0.1% rise, the Yearly reading also inclined by 1.5% lower than the expected 1.7% rise yet higher than the previous rise of 1.0%.
The Euro Zone will release the GDP Advanced reading for the third quarter which represents growth, analysts expect the quarterly reading to show a growth rate of 0.7% slightly lower than the previous estimate of 0.8%, while the annualized reading is expected to show that the European economy grew by 3.1% unchanged from the previous estimate.
The British Pound recorded a low of 2.0430 at the start of today's Asian session, yet inclined back to record a high of 2.0493, yet did not have the enough momentum to pass by the 2.05 level as it declined back.
While the Japanese Yen extended its gains against major currencies, as the USD/JPY pair recorded its highest at 115.55 and started heading towards the downside afterwards to set a low of 114.86 as investors reduced their Carry Trades.