The euro rallied for a test of trendline resistance at 1.4250 vs. the US dollar during the New York trading session after European trading saw the currency drop.
Indeed, the release of the German producer price index put the euro under pressure, initially, as the report showed that prices plunged 7.8 percent in July from a year earlier, the steepest decline since recordkeeping began in 1949. That said, the lower prices were primarily the result of weaker oil costs, and the European Central Bank has been keen to brush off the impact of the volatile commodity on overall inflation, suggesting the data won’t necessarily impact the ECB’s policy stance.
[B]Check out the [/B][B]Daily Fundamentals in its entirety[/B][B] for a look at what happened across the majors. [/B]