Euro stood stronger against the U.S. dollar and the Japanese yen on Forex market after the Business Climate Index for January 2008 in Germany was released by the Ifo Institute for Economic Research today.
EUR/USD climbed up 50 pips up from the today’s opening level, making it a third day in a row for euro to end (this one hasn’t ended yet, but the current closing price counts) above the weekly open price, even after the major losses of this Monday.
EUR/JPY gain can’t boast such a good dynamic as the previous currency pair – it was only about 30 pips today, but here euro has to deal with the growing yen rather than the weak dollar.
The report by Ifo showed that the Business Climate Index for industry and trade in Germany rose a little in January this year. It went up from 103.0 in December to 103.4 this month, while the drop to 102.0 was expected by the market analysts. Although this index isn’t very influent on the Forex market, it proved to be affecting euro, when the global volatility is at the high levels.
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