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German IFO index disappoints the EUR/USD for now (corrected)
The German June IFO business climate index has just been released. As noted here earlier, the markets were expecting a very modest improvement in the readings this month. Well, that is not exactly what has shown up, as the index has missed on forecasts across the board. This was not great news, but it has helped to push the DAX higher. Quite why that is the case is not exactly clear, but it might have something to do with the prospect of this data further underpinning another rate cut from the ECB? To be honest that is a little flimsy in terms of attempting to join the dots here, but that is the only plausible excuse right now. What this data has done, is to stall EUR/USD though and that has seemingly petered out on the topside around 1.0715 just now.
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