Investing.com - The euro rose against the yen on Wednesday after
German industrial output figures beat expectations, one day after
factory orders in Europe's largest economy came in better than
expected as well.
In U.S. trading on Wednesday, EUR/JPY was up 0.46% at 130.07, up
from a low of 129.01 and off a high of 130.42.
The pair sought to test support at 129.01, the earlier low, and
resistance at 130.42, the earlier high.
Germany's industrial output, which includes manufacturing, mining,
electricity and gas concerns, shot up 1.2% in March, the largest
increase in a year and defying expectations for a 0.1% decline.
February's figure was revised up 0.6% from 0.5%.
Official data released on Tuesday revealed that German factory
orders climbed 2.2% in March, defying expectations for a 0.5%
The numbers bolstered hopes that the German economy, Europe's
largest, may post better-than-expected growth rates for the first
During the October-December period of 2012, Germany's economy
contracted by 0.5%.
The string of good news out of Germany put to rest recent concerns
that the European Central Bank may trim benchmark borrowing costs.
The European Central Bank recently cut interest rates by 25 basis
points to 0.50%, though further action could be necessary if the
economy doesn't gain steam, ECB President Mario Draghi said in Rome
The euro, meanwhile, was up against the pound and up against the
U.S. dollar, with EUR/GBP trading up 0.23% at 0.8466 and EUR/USD
trading up 0.62% at 1.3160.
On Thursday, markets in France, Germany and Switzerland will be
closed for national holidays, though the ECB will publish its
monthly bulletin, while Spain is to hold an auction of 10-year
Japan is to release its leading index.
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