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EUR/USD crawls above 1.0700 ahead of German IFO index this morning

The EUR/USD has now managed to vault the 1.0700 handle, but it has been a grind so far. The high seen has been set at 1.0706. The move higher comes as the European stock futures launch something of a bounce ahead of the opening, but that is not to say that bounce will be sustained- we shall have to wait and see on that. The move higher in the Euro also comes ahead of some important data out of Germany a little later on. That is the latest IFO business climate index and it is due to be released at 8am GMT. Now quite often this data does not evoke a reaction across the DAX or the Euro, but complacency in that respect is never wise. The markets are looking for a very slight improvement in the IFO, to around 89.7, from 89.3. Well, given the latest German data that might now be too much of a surprise. The opposite may not apply though, so we shall just have to see what shows up here a little later this morning. The EUR/USD is currently trading at 1.0705
 

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