EUR/USD: plummeted to fresh two-week lows – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair plummeted to a fresh 2-week low of 1.1271, and stays nearby at the end of the day, with the dollar buoyed amid a sudden recovery in risk appetite.

Chinese data released overnight lifted hopes that the economy is finally stabilizing, as exports, in USD terms, rose by 11.5% in March whilst exports fell less-than-expected, down by 7.6%, resulting in a trade surplus of $29.86B, down from $32.59B in February. Asian equities soared, with European and American indexes following the lead. Safe-haven assets suffered the most, whilst commodities also dropped on the back of oil’s slide, all of which supported the greenback’s rally.

In the data front, industrial production in the EU declined by 0.8% in February, while January’s growth was revised down to 1.9%, weighing on the common currency. As for the US, data also disappointed, with retail sales unexpectedly falling in March by 0.3% and the Producer Price Index for final demand down by 0.1%.
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Source:: FX Street