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German IFO index slight better than forecast- EUR/USD edges a little higher
The German August IFO index has just been released. As noted here earlier, the markets were expecting a slightly lower reading on this, of 86, compared to 87 in July. Well, it has slightly beaten forecasts, at 86.6. The other components are in a similar vein, but not markedly so. The DAX has lifted slightly from earlier session lows around 18,550, but the EUR/USD has largely yawned so far at this report. To be honest and given the closure here in London, this looks like rather a non-event in terms of immediate market reactions. That said, the comments from the IFO institute are not exactly upbeat to say the least. Nevertheless, the EUR/USD which was trading at 1.1178 ahead of the release is right now trading at 1.1180 after it
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