German Data Helps Euro in Currency Trading

German data is once again helping the euro against its major counterparts. As the largest economy in the eurozone, Germany’s direction matters a great deal. With the latest produce prices information rising for the first time in more than a year, Germany is helping urge the euro higher, in spite of its other woes.

For the first time in more than a year, PPI for Germany rose month over month. In February, German PPI rose 0.1 per cent. This news is helping support the euro as it moves higher against its major counterparts. One of the big drivers of higher PPI in Germany was the rise of energy prices. Without the boost from energy prices, PPI would have declined.

Euro is also seeing action based on the latest moves by German Chancellor Angela Merkel to get the Greek government to make drastic reforms in order to remain a part of the eurozone.

While the euro is higher today, it’s important to remember that pricing for the 19-nation currency is volatile, due to aggressive quantitative easing from the ECB, problems with Russia, and the continuing Greek drama.

At 11:01 GMT EUR/USD is up to 1.0693 from the open at 1.0660. EUR/GBP is up to 0.7246 from the open at 0.7225. EUR/JPY is up to 129.4460 from the open at 128.7610.

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