USD Rises Steadily in European Session

During the European session, the US dollar offset its losses, whereas the euro and the British pound continued weakening against their American counterpart. The EUR/USD pair is trading near the level of 1.1950, making an attempt to rebound. However, the upbeat report on industrial production in the Eurozone failed to provide support to the single European currency. According to official data, the industrial production in the Eurozone expanded by 1% in November after increasing by 0.4% in the previous month. The experts predicted a rise in output of 0.8%. However, in annual terms the production growth decelerated to 3.2% from 3.9%.

Currency strategists do not rule out a possibility of the euro’s rise in response to the publication of the minutes of the ECB policy meeting. Most experts are sure that the interest rate will remain unchanged in the near future while the asset purchase program is expected to be tapered. Meanwhile, the pound sterling took a nose dive against the US dollar. The cable is approaching the level of 1.2460. The Brexit related issues put the GBP/USD under pressure. Tomorrow, neither the Eurozone nor the United Kingdom will release any significant economic news, so analysts expect that investors will focus on buying the US currency.

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