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Euro Rides High After German GDP
The euro was already trading firmly before German GDP surprised to the upside, and the report helped lift the single currency through $1.17 for the first time ECB meeting in late October. The 0.8% quarterly expansion lifted the workday adjusted the year-over-year rate to 2.8% from a revised 2.3% in Q2, which is the fastest in six years. Italian Q3 GDP was also firm at 0.5%, matching its best pace in seven years. The 1.8% year-over-year pace is also the best since 2011. The euro was also boosted by cross rate demand after the softer than expected UK and Swedish inflation. The BOE's preferred measure, CPIH was ... (full story)