German business activity data

• German Business Expectations Index, fact 98.7, forecast 99.2.
• German Current Assessment, fact 105.4, forecast 105.3.
• German IFO Business Climate Index, fact 102, forecast 102.3.

Statistics on business activity in Germany (IFO) showed a slowdown in November, which actually confirmed the market’s concerns about the publication of PMI data for the Eurozone.

Fig. 1. German IFO Business Climate Index chart

 

It should be noted that the weak statistics for Germany, despite its obviousness, will have a restraining effect on the euro. The main driver for the strengthening of the single currency is a correction in the stock and currency markets, namely, the US dollar movement against Friday. At the same time, the EUR/USD pair shows growth, limited to the weekly downtrend and resistance levels: 1.1380 and 1.1400.

Fig. 2. EUR/USD chart. Current price – 1.1370

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Hanzenko Anton

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