German businesses remain upbeat in January: Germany’s no. 1 think tank shows a stronger than expected advance in confidence: 106.7 points. Also the current assessment component is up from 110 to 11.7, better than predicted. Only the expectations component falls short of expectations: it advanced from 101.1 to 102, slightly below expectations.
EUR/USD remains around 1.1225.
The German IFO business climate was expected to continue advancing and to reach 106.7 points in January from 105.5 in December.
EUR/USD traded above 1.12 towards the publication, rising from earlier lows.
The euro began the week on the downside after it became clear that SYRIZA won the elections in Greece. While the anti-bailout party did not obtain an absolute majority, they are set to form a coalition government very soon.
EUR/USD initially fell to just under 1.11 but recovered later on.
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