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EUR/USD eyes 1.2900 after German PPI

FXstreet.com (Barcelona) - The bloc currency is now picking up pace towards the key resistance at 1.2900 on Tuesday, after Producer Prices in Germany rose less than expected during the month of April.

Disinflation continues to hover over the euro area, as Producer Prices in the German economy increased 0.1% over the last twelve months, missing forecasts at 0.2% and lower than March’s 0.4%. MoM prices contracted 0.2%, below expectations at -0.1%.
Next on tap in the bloc will be the Spanish auction of 3m and 9m Letras, expected to confirm the recent downside in yields.

As of writing, the cross is up 0.10% at 1.2896 with the next resistance at 1.2930 (high May 16) ahead of 1.2943 (high May 15).
On the flip side, a breach of 1.2796 (low May 17) would expose 1.2740 (2013 low Apr.4) and finally the psychological mark at 1.2700.

Germany: Annual Producer Price Index grows 0.1% in March

On an annual basis the German PPI increased 0.1% in April, down from the 0.4% growth in March, according to data released today by Destatis. Analysts pointed to a 0.2% rise.
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GBP opens Europe higher 1.5260

The Sterling had extending its gains yesterday in the NA session, after reaching targets on a bullish correction when the pair rose to 1.5220 and held above this after the European close.
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