The following data was published:
(Time / country / index / period / previous value / forecast)
8:00 Germany IFO expectations index in October 104.5 104.5 106.1
8:00 Germany IFO current conditions index in October 114.7 114.9 115
8:00 Germany IFO business climate index in October 109.5 109.5 110.5
The euro rose at the start of the session against the US dollar, supported by strong data on business confidence in Germany. Business confidence in Germany improved in October, IFO survey indicated.
The business climate index rose to 110.5 in October from 109.5 in the previous month. The expected value was 109.5.
The current conditions index rose to 115.0 from 114.7 a month ago vs 114.9 forecast.
Meanwhile, expectations rose to 106.1 compared with 104.5 the previous month.
Today, investors will also monitor the US consumer confidence and statements by ECB President Draghi.
Political issues, such as the referendum in Italy and concerns about further Brexit concerns, continue to put pressure on the euro. In addition, the possibility of further easing of monetary policy by the ECB carries risks for the banking sector of the eurozone.
At the same time, investors continue to believe in a Fed hike this year. Higher rates support the US currency, making it more attractive to investors. According to the futures market, the likelihood of tighter monetary policy in December is 73.9% against 69.5% the previous day.
EUR / USD: during the European session, the pair rose to $ 1.0894
GBP / USD: during the European session, the pair rose to $ 1.2242
USD / JPY: during the European session, the pair rose to Y104.59
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