German Ifo Business Climate rose to 108.3 points. Early expectations stood on a rise to 107.6 points from last month’s 107.3.
EUR/USD trades in the 1.30 to 1.3060 range and now pushes higher.
The IFO’s Current Assessment stood on 116.3 points, a bit lower than expected. The expectations figure jumped from 98.6 to 100.9 points.
This wide survey has a tendency of exceeding early expectations, yet this time it isn’t alone.
Last week, the usually pessimistic ZEW Economic Sentiment leaped forward. While staying in negative territory, it still surprised by dropping to -21.3 points.
For more on the euro, see the EUR/USD forecast.
The markets are awaiting the rate decision in the US, that will be accompanied by a press conference by Ben Bernanke later in the day. The standoff between Greece and its private bondholders also looms as time is running out to prevent a default in Greece.
These good news also join the strong purchasing managers’ indices reported in Europe. An outright recession is not a done deal in the old continent.Get the 5 most predictable currency pairs