No surprises from Germany’s highly regarded IFO business climate: it advanced for a second month in a row to 105.5 points, within expectations. Current conditions stand at 110.1 points, also as expected.
EUR/USD is ticking marginally higher.
The German IFO Business Climate was expected to move up, showing more confidence in Germany in the month of December just like the ZEW showed us not too long ago. The headline figure was predicted to reach 105.6 points. It stood on 104.7 last month.
A good figure may already be priced in.
EUR/USD traded around 1.2325 before the publication. It bounced from the lows it dropped to on the Swiss decision to set a negative deposit rate.
The euro is generally lower after Yellen offered hawkish words.
It’s important to remember that the ECB is on track to launch a QE program in January. So, any German related strength could be a sell opportunity.
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