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EUR/USD slips to session lows after mixed German IFO disappoints on balance
The December German IFO business climate index has just been released and it has missed on forecasts, but the current conditions were a little better. Expectations were lower. Ahead of this data the EUR/USD was slipping to session lows, around 1.0485. One driver for that was further downside in the EUR/GBP, which came as UK Gilt yields rose following the UK jobs report released earlier. The EUR/JPY was lower too and that helped to push the EUR/USD below the 1.05 handle heading into the IFO report. The EUR/JPY was seemingly falling due to a slight degree of risk aversion impacting the US equity futures- more on that in a later update. The upshot of this IFO data has seen the EUR/USD slip a little more. However, the move might be truncated due to the proximity of the ZEW index, due out 10am GMT. The low seen yesterday was at 1.0475 and so far that has remained intact. The EUR/USD is currently trading at 1.0481
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