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Currencies: Dollar defends gains thanks to China trade deal optimism

Dollar traders rode a wave of confidence on Tuesday, after President Donald Trump’s positive assessment of a possible trade deal with China.

Otherwise, investors digested mixed European economic data, including a disappointing third-quarter GDP reading and faster-than-expected German consumer price inflation.

Initially, the preliminary eurozone GDP numbers—reading 1.7% year-over-year in the third quarter, versus consensus expectations of 1.8% and the previous growth rate of 2.2.%—just added to existing concerns for the euro EURUSD, -0.0791%

“With growth in the region slowing, the uncertainty of Brexit looming and the fresh specter of political disarray after Angela Merkel announced [Monday] that she will step back from politics and end her career as chancellor when her term expires in 2021, the euro now faces an array of risks that could pressure the currency to a fresh multi-month low,” wrote Boris Schlossberg, managing director of FX strategy at BK Asset Management.

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