Recently, there seems to be an intensified struggle between Europe and the USA for whose macroeconomic performance will more strongly exceed expectations. Yesterday it was the USA and today, it is Germany’s turn.
Germany’s GDP recovery in Q3 was 8.5%, reducing its annual decline to 3.9%, according to a final estimate (no revision from +8.2% was expected). A little later, the Ifo Business Environment Index came out at 90.7 in November, showing a smaller decline than predicted and causing the euro to rise within reach of 1.19.
This tug-of-war continues to play into the hands of commodities and stock markets, where futures on the Dow are again just shy of 30,000.
Gold is the main victim of this optimism. The price per ounce has fallen below $1810 (-1.5%), to its lowest level since late July.
The FxPro Analyst Team
- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…
- EURJPY reversed from support zone - Likely to rise to resistance level 0.8625 EURGBP…
USDJPY was slipping below 153 on Friday morning, a three-week low and having lost over…
Market picture Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…
- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…
- WTI broke round support level 80.00 - Likely to fall to support level 76.00…
This website uses cookies