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
Read also: “Expanding Triangle – once again about the Main”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- An engulfing strategy. A Trend reversal.
- Gold is limited to annual correction! What to expect?!
- The Australian dollar (AUD) is in anticipation of the annual correction! What to expect?!
Current Investment ideas: