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Germany’s No. 1 Think-tank, IFO released better than expected numbers in all the components. The strength of Germany, which grew by 0.7% in Q2, continues into Q3.

EUR/USD remains on high ground at around 1.3380, but hesitates before moving higher.

The business climate figure, which is the main number, climbed from 106.2 to 107.5 points, better than 107 expected. The “Current Assessment” indicator advanced from 110.1 to 112, better than 110.9 expected. And finally, the IFO Expectations exceeded expectations as well with 103.3, marginally better than 103 expected and than 102.4 last month.

Most German indicators point to further growth, but Germany could be alone: Italy and Spain are still in recession, and while France enjoyed an excellent second quarter, this strength is not that evident in Q3.

The euro continues enjoying flows from emerging markets and defies evidence that Greece will need a third bailout program.