Euro Rose on Strong German and Eurozone GDP Data

The euro rose sharply against the backdrop of strong data on the Eurozone and Germany's GDP, while the US dollar remains under pressure from the uncertain fate and timing of the implementation of the US tax reform. The British pound remains weak after the release of data on the consumer price index.

Eurozone GDP increased by 0.6% in the third quarter compared to the previous quarter, reaching a consensus and remaining at the same pace as in the previous quarter. Germany's GDP grew more than expected by 0.8% quarter-on-quarter, compared with 0.6% in the second quarter.

Consumer prices in the UK increased by 3% year-on-year in October, at the same rate as in September. It was forecast, that prices will rise by 3.1%. Compared to the previous month, consumer prices rose by 0.1% against the expected growth of 0.2%.

Economic confidence in Germany rose to a 6-month high in November, according to a poll from the ZEW analytical center. German ZEW economic sentiment rose to 18.7 in November from 17.6 in October. This was the highest score since May, when the figure was at the level of 20.6.