German August IFO index beats forecasts on all counts- EUR/USD edges a little higher

The German August IFO business climate index has just now been released. As we noted earlier, the markets were expecting a slight improvement in the index, to around 87 from a prior reading of 86.5. The index has risen above forecasts, at 88.8. The current assessment is higher too and so have ecxpectations, rising t0 89.1 from 86.7

Ahead of this report the EUR/USD had traded as low as 1.1651 earlier this morning. It had already largely ignored the slightly improved German Q2 GDP data and was trading around 1.1658 as this IFO data hit the screens. The EUR/USD is a little higher since, currently trading at 1.1660, but this is hardly a reaction to get excited about thus far