EUR/USD edging lower as German IFO looms

As noted here earlier today, at 9am GMT we get the latest German IFO business climate index. To add some detail on that, it is expected to some in pretty much unchanged from the previous readings. The November reading is forecast to be at 86.3, from 86.5. The current conditions are expected at 85.5 from 85.7 and expectations are forecast to be at 87.2 from 87.3. Now, given the most recent German data elsewhere, one might be forgiven for thinking those forecasts are quite optimistic, but in around 30 minutes we shall find out, if that is the case. Since the last update here on the EUR/USD it has been tracking lower, slipping close to what was a minor breakout level, at 1.0448. That was a previous 2024 low that was busted on Friday. The push back above this level earlier today led to the acceleration to the 1.0501 high. Well, so far it has seemingly capped the downside since. One caveat to this IFO data; it does not always deliver the kind of reaction it should. We shall see if that is the case a little later this morning. The EUR/USD is currently trading at 1.0454