Euro dips despite positive economic data

The Euro has been weak today, despite a strong upward movement during the Asian session. During the Asian session, the Euro moved upward, limiting its’ gains to 1.4555 versus the US Dollar. Yesterday, the pair pushed higher yet again, hitting the 3 week high of 1.4580.

Later, during the European session opening, the Euro fell further to 1.4500, inspite of the fact that industrial production data coming out of the Eurozone indicate a 1.0% increase for the month of November. In addition, October’s output figures were revised to -0.3% (month-on-month), compared to the previous estimate of -0.6%.

Despite the positive economic signs, the Euro failed to see an upward movement. However major analysts expect that in the long term, the Euro is likely to retain its upward movement as it takes over as the key rival for the US dollar, or the ‘Anti-Dollar’.