The EUR/USD exchange rate has been on the rise in recent weeks, boosted by positive German inflation data. This is in contrast to the US dollar, which has been weighed down by the release of the US non-farm payrolls report.
The German inflation data, released on May 14th, showed that consumer prices rose 0.3% in April, which was higher than the 0.2% forecasted. This was the highest rate of inflation since October 2018, and it indicates that the German economy is continuing to grow. This positive news has helped to boost the euro against the US dollar as investors become more confident in the strength of the Eurozone economy.
Meanwhile, the US non-farm payrolls report, released on May 3rd, showed that only 75,000 jobs were added in April. This was far below expectations of 180,000 jobs, and it weighed heavily on the US dollar. The weak job growth numbers have caused investors to become more cautious about the US economy and have led to a decrease in demand for the US dollar.
The combination of strong German inflation data and weak US non-farm payrolls has resulted in a significant increase in the EUR/USD exchange rate. The euro has gained more than 2% against the US dollar since May 3rd, and it is currently trading at its highest level since late March.
Overall, the EUR/USD exchange rate has been boosted by positive German inflation data and weighed down by weak US non-farm payrolls. This has resulted in a significant increase in the euro against the US dollar, and it is likely to remain at elevated levels in the near future.
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