Euro Rockets Higher As German IFO Exceeded Forecast

Euro Rockets Higher As German IFO Exceeded Forecast

By: Oliver Miller | Where To Trade | On:24-04-2015 12:01
Back

Key Highlights

  • Euro traded higher against the US dollar earlier today, as the German IFO Business Index exceeded the forecast.

  • German IFO Business Sentiment Index, which is a closely watched as an early indicator of current conditions and business expectations in Germany released by the CESifo Group registered an increase to 108.6 in April 2015, compared to the forecast of 108.4.

  • EURUSD almost tested the 1.0900 resistance area before starting a short-term correction.

Key Releases:

German IFO Business Sentiment Index (Euro)

German IFO Business Expectation (Euro)

London Session

Earlier today during the London session, the German IFO Business Sentiment Index, which is a closely watched as an early indicator of current conditions and business expectations in Germany was released by the CESifo Group. The market was expecting it to increase from the last reading of 107.9 to 108.4 in April 2015. However, the end result was above the expectation, as the German IFO Business Sentiment Index managed to climb and post a reading of 108.6. The report stated that Assessments of the current business situation managed to improve one more time, and same was the case of assessments of the business outlook. This was seen on the positive side, and helped the shared currency to some extent. The EURUSD pair reacted towards the upside and gained more than 50 pips Intraday.

The manufacturing sector also strengthened in April, as highlighted in the report that the manufacturing climate indicator increased for the sixth consecutive month. However, there was a disappointment as well because the Capacity utilization moved a bit lower in April to 84.4 percent. The German IFO Expectations also edged lower and posted a reading of 103.5, down from the last reading of 103.9 in April 2015. The market was on the other hand expecting a rise to 104.5. Overall, the EURUSD pair was helped by the report, as it broke the 1.0840 swing area to trade close to the 1.0900 area.

European Session and US Opening

The EURUSD pair might continue to trade higher in the near term, and if it corrects lower, then the broken resistance of 1.0840 might act as a support. On the upside, a break above the 1.0900 level could encourage buyers and might take the pair towards the 1.0950 level.

Even European stocks enjoyed the increase in the German IFO Business Sentiment Index. Moreover, there were no major rise in Futures of the Dow Jones Industrial average and the S&P 500.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

By:  |  | On:2016-11-10
Against all odds, the Asian markets opened higher

Against all odds, the Asian markets opened higher

By: Simon Furman | Where To Trade | On:Wednesday, November 10, 2016

Asian shares tumbled starting Wednesday, when the election poll trickled in and the Republican candidate had a clear advantage

Free Forex Seminar Coming Up in Budapest

Free Forex Seminar Coming Up in Budapest

By: James Ansher | XM | On:November 10, 2016

Designed for both novice and more advanced traders, the topic of the seminar provide useful information about the practical use of price risk levels, including various techniques used in risk management

Donald Trump has been elected as the 45th president of the United States of America

Donald Trump has been elected as the 45th president of the United States of America

By: Oliver Miller | Where To Trade | On:November 9, 2016

After tumbling overnight, the dollar strengthened during and after Donald Trump’s first speech as the elected President of the United States

Gold Futures were up 0.61%, to trade at $1,326.95 an ounce

Gold Futures were up 0.61%, to trade at $1,326.95 an ounce

By: Darryl Frankfort | Where To Trade | On:Monday, October 31, 2016

Monday, October 31, 2016 - Stocks were mixed at the end of the day. The Dow Jones Industrial Average closed 0.10% lower at 18,142.42, while the S&P 500 Index rose 0.01% closing at 2,126.15.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings