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.
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.Get the 5 most predictable currency pairs