Germany’s Ifo institute provided a nice figure: business climate rose from 114.2 to 114.5, beating expectations for a drop to 113.6. Euro/dollar, that was falling before the release, is now on the rise again.
Also the accompanying figure came out better than expected: the Current Assessment was expected to print 120.8 points, and it rose to 123.3. It’s important to note that Ifo usually exceeds the consensus. Nevertheless, this highly regarded figure always rocks the currency.
EUR/USD is now at 1.4233, up from around 1.42 before the release. Resistance is at 1.4282, followed by 1.4375.
Earlier, the euro renewed its falls after making a recovery. The pair already reached the 1.4282 line, but retreated as the European session began and fell to around 1.42.
Weak support is found at 1.4160, followed by 1.4030 and 1.3950.
For more on EUR/USD, see the Euro/dollar forecast.
Later in the day, we have the final GDP release in the US, together with Durable Goods Orders.
