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Europe’s largest economy posted a solid growth rate of 0.4% in Q4 2013. It was expected to grow by 0.3% in Q4 after the same growth rate in Q3. Year over year, Germany grew by 1.3%, as expected. The outcome is a small positive surprise, but nevertheless, helps the euro.

EUR/USD was trading steadily on high ground at around 1.3675 before the release. The pair is now climbing towards 1.37.

Earlier, France released its growth numbers and they exceeded expectations with a rise of 0.3% for both the quarter and the year. Nevertheless, French growth is relatively small in absolute terms and in comparison to the other core country, Germany.

Later on, Italy publishes its figures and then all-euro-zone numbers are released. ECB president Mario Draghi described the euro-area recovery as “fragile”.

For more on the euro, see the EUR dollar forecast.