The IFO Business Climate indicator rose to 101.4. A slide from 100 to 99.6 was expected in this highly regarded index.
EUR/USD slid before the publication under the 1.29 it conquered earlier. It is now on the rise once again. 1.2880 worked as support.
EUR USD Rising after IFO – Click image to enlarge
IFO is Germany’s No. 1 think-tank. In addition to the business climate figure, the additional data surprised to the upside as well. The Current Assessment rose figure rose from 107.2 to 108.1, exceeding expectations of a drop to 106.3 points. The Expectations numbers also jumped: from 93.2 to 95.2 points. No changed was expected.
Further reading: EU Considering a Greek Salad to Avoid Haircuts – EUR/USD Already Eating It
