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German IFO Business Climate rises to 106.7 – EUR/USD

German businesses remain upbeat in January: Germany’s no. 1 think tank shows a stronger than expected advance in confidence: 106.7 points. Also the  current assessment component is up from 110 to 11.7, better than predicted. Only the expectations component falls short of expectations: it advanced from 101.1 to 102, slightly below expectations.

EUR/USD remains around 1.1225.

The German IFO  business climate was expected to continue advancing  and to reach 106.7 points in January from 105.5 in December.

EUR/USD  traded above 1.12 towards the publication, rising from earlier lows.

The euro began the week on the downside after it became clear that SYRIZA won the elections in Greece. While the anti-bailout party did not obtain an absolute majority, they are set to form a coalition government very soon.

EUR/USD initially fell to just under 1.11 but  recovered later on.

More:  Syriza’s victory worries the troika

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.