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German IFO index beats forecasts- EUR/USD edges a little higher

The April German IFO Business climate index has just been released. As noted earlier this morning, the markets were looking for a very modest improvement across all the readings. The index was widely forecast to rise to 88.8 from 87.8. It was a similar outlook for future expectations too. Well it has beaten those forecasts, with a rise on all counts. The index itself has risen to 89.4. Ahead of this report, the EUR/USD was gradually leaking lower and had slipped back to a session low at 1.0685 and of course that was below where the Euro had closed last night, at 1.0701. The impact of this data has has pushed it a little higher, but not back above that 1.07 handle yet 

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