Businesses are more confident ahead of the elections in Germany. The ZEW Economic Sentiment is up 7 points to 17 in September. The Current Conditions measure is up from 86.7 to 87.9.
EUR/USD moves up by a few pips, trading at 1.1985.
Germans will vote on Sunday and incumbent Angela Merkel is expected to sweep an easy victory, entering her fourth and probably last term.
Germany’s ZEW institute was expected to show a small rise in business confidence. The economic sentiment measure carried expectations for a rise from 10 points in August to 12.5 now. The Current Conditions component was predicted to remain basically unchanged: a slide from 86.7 to 86.6.
EUR/USD began the day with a rise and a peek above 1.20, reaching a high of 1.2006. It then slid to 1.1980 ahead of the release.
Support awaits at 1.1910, followed by 1.1870. Resistance is at 1.20, followed by 1.21.
The big event of the week comes tomorrow: the Fed decision. Preview: a window to short the dollar and two other scenarios
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