More good news from the euro-zone’s largest economy. The German IFO Business Climate rose to 109 points, significantly better than 108.2 expected. Business Expectations are up from 103.9 (upwards revised) to 104.7, also better than expected. And also the Current Assessment is up from 103.9 to 104.7.
EUR/USD is extending its rise towards resistance at 1.0670.
EUR/USD was on the move higher towards the release, trading at 1.0660.A report about Turkey downing a Russian fighter jet weighed on markets.
Yesterday, we had purchasing managers’ indices coming out at better than predicted levels, with German manufacturing standing out. Perhaps there’s no need for fresh ECB stimulus? Draghi still seems determined but at least he can pat himself on the back just a bit.
Later today we will get an updated assessment on GDP growth in the US and that is set to be the biggest market mover of the week. An upgrade from 1.5% to 2% is on the cards.
More:Â EUR/USD: Trading the US Preliminary GDP
