Germany's industrial sector experienced a notable rebound in November, defying expectations and marking a significant turnaround. The federal statistics authority, Destatis, reported that industrial production in Europe's largest economy rose by 1.5% month-on-month (MoM) after accounting for seasonal and calendar effects. This figure exceeded the anticipated 0.5% increase and stands in stark contrast to October's 1.0% decline. Despite this positive development, the Euro remained under pressure, exhibiting mild losses against the US Dollar for the third consecutive day.
In other economic developments, the recent decline in cryptocurrency prices has led to massive liquidations across the market, with a staggering $694.11 million wiped out in just 24 hours. Bitcoin, in particular, continued its downward trajectory, trading below the $96,000 mark on Wednesday after a substantial drop of over 5% the previous day. Binance Coin (BNB) also faced selling pressure, with its price hovering around $696.40 on Thursday following a 4.58% decline earlier in the week.
The GBP/USD currency pair remained under pressure, reaching nine-month lows near 1.2300 during Thursday's European trading hours. This weakness was driven by continued strength in the US Dollar and a bearish technical outlook ahead of anticipated speeches from Bank of England (BoE) and Federal Reserve policymakers. Meanwhile, the Euro struggled to gain ground against major currencies, trading at 1.0300 against the US Dollar and underperforming significantly against the Japanese Yen.
Despite encouraging industrial production data from Germany, the Euro failed to attract buyers. The EUR/USD pair recorded a 0.15% decline during Thursday's European session, reflecting sustained demand for the US Dollar. This situation highlights the ongoing challenges facing the Eurozone amid an evolving global economic landscape.
In the broader context of European economic data, Eurozone Retail Sales and comments from Federal Reserve officials are expected to draw attention as investors seek further clarity on economic trends. The persistent US Dollar strength continues to weigh heavily on European currencies, underscoring the complex interplay of factors influencing currency markets.
Meanwhile, technical indicators for Binance Coin suggest further potential declines. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both exhibit bearish signals, indicating that BNB may face additional downward pressure in the near term.