German IFO Business Climate beats with 115.9 – EUR/USD

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Business confidence remains elevated in Germany. IFO’s business climate makes a very minor slide from 116 to 115.9, better than 115.5 predicted. Business expectations advanced from 107.3 to 107.9, defying projections for a fall. The Current Assessment measure dropped from 125.5 to 124.6.

EUR/USD is moving up a few pips, erasing the previous slides. The bigger event for the euro is Mario Draghi’s speech at Jackson Hole. The president ot the ECB is expected to provide a hint about QE tapering in the ECB’s upcoming meeting in September.

More: EUR/USD and the 1.20 challenge – two views

Will the pair head to 1.20 or fall to 1.15? It is entrenched in a very narrow range during this summer month of August.

Here is the 30-minute chart:

Germany’s No. 1 Think-Tank, IFO, was expected to report a small drop in business confidence, albeit from high levels. Earlier this week, ZEW disappointed.

EUR/USD was leaning lower, trading around 1.1780, yet well within the range.

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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 the 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.

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