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German industrial output jumped by 1.8%. It was expected to remain flat. That’s quite a positive surprise.

EUR/USD traded at around 1.3250. It initially rose, but then slid lower. Volatility remains high, especially in the Japanese yen, but also the euro rocks and rolls.

Yesterday, German factory orders badly disappointed with a drop of 2.3%, much worse than 1% expected. Germany is not immune to the economic weakness in the euro-zone.

Nevertheless, the euro was waiting for Mario Draghi. While the ECB downgraded the GDP forecast for 2013, he effectively put the option of a negative interest rate on the backburner, and sent the euro rising.

The euro then continued much higher thanks to the total collapse of the US dollar across the board. EUR/USD already reached 1.33.

The big event of today is the Non-Farm Payrolls.

See how to trade the NFP with EUR/USD.