The German IFO institute released better than expected sentiment figures. Business Climate in Germany rose to 111.3 points. It was expected to remain stable in February, staying around 110.7 points seen in January. The expectations component was predicted to slide from 108.9 to 108.2 points and it came out at 108.3 points.. The “current assessment†figure was predicted to tick up from 112.4 to 112.8 points and here we already have a bigger surprise with a rise to 114.4 points.
EUR/USD traded at around 1.3750 before the publication. It is now at 1.3765.
IFO is considered to be Germany’s No. 1 Think Tank. Last week, the ZEW Economic Sentiment disappointed with a significant drop after long months of rises.
Later on today, we get the final CPI numbers for January, which are not expected to change.
Euro/dollar is now on high ground, continuing the rise along uptrend support.
For more, see the Euro/dollar forecast.
