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The German IFO business climate rose to 111.2 points. The “expectations” component advanced to 107.3 points. Only the “Current Assessment” figure disappointed with a minor rise to 115.3 points.  German Business climate was predicted to tick down from 110.7 to 110.5 in April. The “Current Assessment” component carried expectations for a rise from 115.2 to 115.7 points. The Expectations component was expected to slide from 106.4 to 105.8 points.

EUR/USD traded around 1.3835 before the publication, sticking to the 1.38-1.3830 range. It is now at 1.3835.

IFO is sometimes considered to be Germany’s No. 1 economic think-tank.

Now all eyes turn to Mario Draghi. The president of the ECB is  scheduled to give a speech at 9:00 GMT. With growing fears of deflation a strong exchange rate for the euro against its peers, we could certainly hear Draghi make attempts to play down the euro.

EUR/USD  is looking for a new direction. The  big disappointment in the US new home sales did not give the euro a big boost. Today we have jobless claims and durable goods orders from the US.

Below 1.38 we have 1.3740. Above 1.3830 we have 1.3894. For more, see the euro dollar prediction.

Here is the chart:

EURUSD April 24 technical forex chart euro dollar higher after ifo surprise


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