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DAX still in the red as German IFO report looms at 8am GMT

The German October IFO business climate index will shortly be released at 8am GMT. The markets are expecting a very modest improvement, to 85.6 from 85.4 in September. Yesterday the latest German PMI data showed a surprising improvement in the October numbers and a little later this morning we shall see if that gets transposed into the IFO data. Ahead of this the EUR/USD is pretty much where it was earlier this morning and above a subsequent low at 1.0813. The DAX is trying to hold above 19,400 having dipped below that level after the opening and both instruments could move further on the back of this IFO report. However, that is not always the case and it depends really if there is a big enough surprise in the data. Shortly we will find out. The DAX is still in the red (close yesterday at 19,443) currently trading around 19,415

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