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German IFO Business Climate Surprises and Rises – EUR/USD

The IFO Business Climate indicator rose to 101.4. A slide from 100 to 99.6 was expected in this highly regarded index.

EUR/USD slid before the publication under the 1.29 it conquered earlier. It is now on the rise once again. 1.2880 worked as support.

EUR USD Rising after IFO November 23 2012
EUR USD Rising after IFO – Click image to enlarge

IFO is Germany’s No. 1 think-tank. In addition to the business climate figure, the additional data surprised to the upside as well. The Current Assessment rose figure rose from 107.2 to 108.1, exceeding expectations of a drop to 106.3 points. The Expectations numbers also jumped: from 93.2 to 95.2 points. No changed was expected.

Further reading:  EU Considering a Greek Salad to Avoid Haircuts – EUR/USD Already Eating It

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.