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The  German Ifo Business Climate jumped to 105.7 points. It was expected to tick up very marginally from 104.4 to 104.6 points. The current assessment component also beat expectations by rising to 110. It predicted to remain unchanged at 107.2 points and the expectations component was estimated to stay at 101.6 and that is what happened.

EUR/USD was trading on higher ground towards the publication, reaching 1.2940 before sliding a bit. EUR/USD is now rising towards resistance at 1.12960 once again. Will it make it now?

The euro has remained relatively stable in the recent market storms: the Australian dollar and the Japanese yen have been the big stars.

However, quite a few Fridays saw extreme moves. The president of the German central bank, the Bundesbank, Jens Weidmann, is scheduled to speak at 10:00 GMT, and he can certainly rock the markets.

For more, see the Euro to USD forecast.