Improving German Business Climate Provides Limited Support to Euro

Yet again positive macroeconomic data from the eurozone provided limited support to the euro. The German business climate showed unexpected signs of improvement, yet the euro was mixed during the current trading session.

The Ifo Business Climate Index rose from 109.5 in September to 110.5 in October. Market participants were surprised by the improvement as analysts had predicted the indicator to stay virtually unchanged. Yet the surprisingly good data failed to boost the eurozone currency, which rose a little against some of its rivals, but was flat or even lower against others.

EUR/USD traded at 1.0874 as of 11:59 GMT today, not far from the opening of 1.0881. EUR/AUD dropped from 1.4294 to 1.4239.

If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

− 5 = four