11, December 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The U.S. dollar was falling versus the euro and the pound, but rose against the yen and had a little change according to the commodity currencies amid a lack of any meaningful U.S. macroeconomic data. On the first day of the week the trend of recent days continued: the weakening of the dollar versus the major European currencies and growth against the yen.

The euro continued to rise ignoring the decline in industrial output in Germany, which was observed for the second consecutive month. The volume of industrial production in Germany in October fell by to 1.2% maximum in May compared with September, while an expected growth was 0.7%. On an annual rate industrial output increased by 1% with the forecast increase of 3.1% was expected. According to the Bundesbank, Germany's GDP growth will not exceed 0.5% this year, and it will grow to 1.7% in 2014.

The pound also strengthened, and the GBPUSD pair broke the key level 1.64, closing the day above it for the first time since August 2011.