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German IFO beats estimates-EUR/USD rises on the news
The German April IFO business climate index has just been released and it has beaten estimates. As mentioned here earlier the markets were expecting a modestly lower set of readings across all three matrix. That is not what showed up because the index has beaten on all three of those. The EUR/USD was pushing higher leading into this report. It had risen to session highs just above 1.1375, as the European stock markets and the US futures fell back from earlier levels. That had seen the DAX fall below 21,800 and test 21,750, after opening lower today at 21,890 and peaking initially at 21,905. The DAX has lifted on this news and the EUR/USD has risen to session highs just above 1.1385
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