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EUR/USD bounces following poor German data
The regular pattern of disappointing economic data coming out of the eurozone has continued, even before equity markets are open. The latest German monthly industrial production figures, falling 4%, are the worst seen from the country since March 2009. It is becoming increasingly obvious that the weight of France is taking its toll on Germany.
The bounce seen over the last 24 hours has as much to do with EUR/USD being aggressively oversold as anything else. We could also have seen a pre-emptive move as two Federal Open Market Committee members are due to speak this afternoon. Currently the currency markets are factoring in a US rate rise before July 2015, and tonight’s comments could sway that perception.