Forex Analysis
by ForexNewsNow Team on September 23, 2010

Forecast: How will German Ifo Business Climate affect EUR/USD?

forex forecast - German economic morale data dueNEW YORK (Forex News Now) – The Munich-based Ifo think tank is due on Friday to publish a key report on German business morale in September, in one of the day’s major realtime forex news events.

Ifo is expected to say that its closely watched German Business Climate index slid to 106.3 during the month, down from 106.7 in July, according to two currency market trading news outlets.

The think tank is scheduled to publish the data at 8:00 A.M. GMT; as such, the report is likely to dominate European morning online FX trading.

However, key U.S. data on durable goods orders and new home sales, due later in the day, are also likely to impact online FX trading.

According to indicator analysis, if the index falls less than forecast, or even rises, the report could lift EUR/USD toward resistance around the high of April 20, 1.3523.

But should the data show a greater-than-expected decline, the currency pair could be could be pushed toward support around Wednesday’s low, 1.3248.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))