According to data published by IFO, German consumers and entrepreneurs have very positive assessment of the current state of the local economy, which caused strengthening of the European currency.
- Business expectations – 107.30, forecast 106.50, previously 106.80
- Current assessment – 125.40, forecast 123.80, previously 124.20 (after upward revision)
- Business climate – 116.00, forecast 114.90, previously 115.20 (after upward revision)
Analysts were expecting slight declines from last month’s highs but growth in July was maintained (with favorable monthly revisions for the month).
Responding to Eurodolar data rose more than 15 pips, testing Tuesday session highs around 1.66680:
New intraday highs drawn by EUR/GBP:
