EUR/USD Edges Higher to 1.2440 after German Data

The euro rose against the dollar and yen on Monday due to encouraging German business data and remarks from a top European Central Bank official that cast doubts on whether the bank will take aggressive stimulus measures in the near future.

As the euro rebounded from a near two-year low against the greenback, the dollar index pulled back from a near 4-1/2-year high set earlier in the day. The Japanese market was closed on Monday for a holiday.

A stronger-than-expected German business survey for November offered hope that Europe’s largest economy was gaining momentum after narrowly avoiding a recession last quarter.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.