EUR/USD rebounds slightly, focusing on German GDP data

On Thursday morning (November 24), the Asian market continued to rebound. The EUR/USD continues to rebound and is currently trading around 1.3375. Affected by the deterioration of the European debt issue yesterday, the euro/dollar fell to a seven-week low of 1.3320. Some investors took profits by short covering, causing the euro to rebound.

Yesterday, the German bond auction results were very bad. In addition, Fitch warned that the French AAA rating was threatened and the European debt crisis continued to spread to the core countries of the euro zone.

Kurt Magnus, executive director of currency sales at Nomura Holdings Inc., Japan's largest securities company, said: "People will hedge against the US dollar and the situation in the Eurozone is deteriorating at an extremely rapid rate."

At 15:00 GMT today, Germany will release its third-quarter GDP data, which is currently expected by economists to be lower than the previous value. In addition, at 17:00 Beijing time, Germany will also publish the Ifo business climate index in November. The median value of an investigation by foreign media to economists shows that the Ifo business climate index in November is expected to decline to 105.2. The lowest level since March 2010.

The current debt and economic difficulties faced by the euro zone have gradually deteriorated, and negative news has fallen. This has caused a strong pressure on the euro.

Italy will also auction 8 billion euros (about 10.7 billion U.S. dollars) worth of bills on Friday (November 25). The outside world will pay close attention to its results.

Some traders said that although the United States was closed for Thanksgiving, overall, risk aversion was strong and US dollar buying increased. Analysts believe that the EUR/USD support is at 1.3150 and resistance at 1.3420.

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