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German IFO Business Climate beats with 109

More good news from the euro-zone’s largest economy. The German IFO Business  Climate rose to 109 points, significantly better than 108.2 expected. Business Expectations are up from 103.9 (upwards revised) to 104.7, also better than expected. And also the Current Assessment is up from 103.9 to 104.7.

EUR/USD is extending its rise towards resistance at 1.0670.

EUR/USD was on the move higher towards the release, trading at 1.0660.A report about Turkey downing a Russian fighter jet weighed on markets.

Yesterday, we had  purchasing managers’  indices coming out at better than predicted levels, with German manufacturing standing out. Perhaps  there’s no need for fresh ECB stimulus?  Draghi still seems determined but at least he can pat himself on the back just a bit.

Later today we will get an updated assessment on GDP growth in the US and that  is set to be the biggest market mover of the week. An upgrade from 1.5% to 2% is on the cards.

More:  EUR/USD: Trading the US Preliminary GDP

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.