EUR/USD has a double whammy to contend with this morning

Unusually this morning, both the German IFO and ZEW indexes will be released on the same day. We can put that down to the Christmas holidays next week, as it would not normally be the case. So, at 9am GMT we get the IFO business climate index and then at 10am GMT we get the ZEW economic sentiment index. Neither is expected to show much in the way of any improvement in their December readings. Each on its own can impact the EUR/USD, but certainly any reaction to the first maybe curtailed even more than usual, due to the proximity of the second. Ahead of this the EUR/USD is still pivotal around that 1.05 handle, as indeed it has been for several days now. The Euro did not fall any further below 1.0475 yesterday afternoon and it was noted here at the time; that is was probably going to take further gains in US yields to make it do so. Well, that did not happen and the EUR/USD rebounded and later closed in the US last night at 1.0512. Earlier today it rose to a session high at 1.0534, but it is has backed off again since. It is currently trading at 1.0505