German IFO Business Climate misses with 115.2 – EUR


Business confidence is falling, and this happened before the election results. The IFO business climate dropped to 115.2, below expectations. Business Expectations slipped to 107.4 and the Current Assessment number is at 123.6. All the figures fall short of expectations but are not that far from the cycle highs.

EUR/USD is ticking a bit lower, sliding below the round 1.19 level.

Here are the recent moves on the chart:

Germany’s No. Think-tank held its closely-watched business surveys before the elections. The headline business climate score was expected to rise from 115.9 to 116 in September. Business expectations were projected to remain unchanged at 107.9. The Current Assessment carried expectations for a small rise from 124.6 to 124.8.

EUR/USD was trading lower, around 1.1907. The elections resulted in a fractured parliament. Merkel’s party came out first and will leave the government, but received fewer votes than expected. The extreme-right AfD came out third.

Support awaits at 1.1870, followed by 1.1840. Resistance is at 1.20. The pair gapped lower and was unable to close the gap, a sign of weakness.

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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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