The EUR/USD exchange rate is one of the most closely watched currency pairs in the world. Recently, the exchange rate has been boosted by German inflation data, while the US dollar has slumped following the release of US non-farm payrolls.
German inflation data released on April 30th showed that consumer prices rose by 1.6% year-on-year in April, which was higher than the 1.3% forecast by economists. This increase in inflation was driven by higher energy prices, which rose 3.2% compared to a year ago. The higher inflation rate was seen as a sign of economic strength in Germany, and this helped to boost the EUR/USD exchange rate.
Meanwhile, the US dollar has been under pressure following the release of US non-farm payrolls on May 7th. The report showed that the US economy added 266,000 jobs in April, which was lower than the one million jobs expected by economists. This weaker-than-expected job growth caused the US dollar to slump against other major currencies, including the euro.
Overall, the EUR/USD exchange rate has been boosted by German inflation data and weakened by US non-farm payrolls. The euro has been seen as a safe-haven currency during times of economic uncertainty, and this has helped to support its value against the US dollar. As the global economy continues to recover from the pandemic, investors will be closely watching both German inflation data and US non-farm payrolls for further clues about the direction of the EUR/USD exchange rate.
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