The EUR/USD pair hits fresh highs, however, many currency strategists believe that this rally will be followed by a sharp decrease. Today, the EUR/USD pair is trading at 1.0762. The single European currency grows on the back of a weak US dollar. Meanwhile, Germany released economic statistics, which does not match forecasts of the analysts. Germany's producer prices increase by 0.2% in February after a 0.7% growth in the previous month.
On an annual basis, the index rose by 3.1% in February, following a 2.4% growth in January. Economists had expected a 3.2% increase. This is the biggest rise in the last 5 years. One of the main economic events that can influence the further movement of the EUR/USD pair is Bundesbank president Jens Weidmann's speech during the today's late session.