Even though there are hopes that the economic contraction is over for the eurozone, there are still concerns about a slow recovery.
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US dollar is slightly higher today, following the latest inflation data. Also helping the greenback is a bit of risk aversion that seems to have returned ahead of what some expect will be a ”Santa Claus rally” next week.
Factory output grew at a better rate than expected, and Germany is once again leading the economic recovery charge. Euro is gaining against most of its major counterparts as a result.
Canadian dollar is struggling a bit right now, thanks in part to housing data. The possibility of Fed tapering is also weighing on the loonie, even though it has eked out very modest gains against the greenback after being down earlier.
US dollar index remains soft right now as traders await retail sales data, expected to be released later this week.