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USD Higher on Better CPI
The US dollar has been a little firmer today on the back of yesterday’s upside beat in CPI. Inflation was recorded as having grown at its fastest pace for seven months over October with a 0.4% monthly rise.
The data has seen further reductions to the market pricing for a December rate cut, which now sits at 0% and there’s a weakening of rate cut pricing at the start of next year. USD index trades 98.20 last.
Germany Avoids Technical Recession
EURUSD has had a quiet start to the day and is trading just in the red as of writing. The latest data from the eurozone this morning showed German GDP managing to hold in positive territory in Q3 at 0.1%.
This has confirmed that Germany has avoided entering a technical recession. However, conditions remain weak and the outlook for EUR remains skewed to the downside. EURUSD trades 1.100 last, still below the 1.1024 level for now.
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