- European session: IFO data supported the euro
Market news
European session: IFO data supported the euro
Data:
09:00 Germany IFO - Business Climate February 108.3 108.6 109.6
09:00 Germany IFO - Current Assessment February 116.3 116.5 117.5
09:00 Germany IFO - Expectations February 100.9 102.0 102.3
09:30 United Kingdom Mortgage Approvals January 36.2 37.3 38.1
11:00 United Kingdom CBI industrial order books balance February -16 -13 -3
The euro climbed as a report showed German business confidence rose to the highest level in seven months in February amid progress in taming the region’s debt crisis.
The Munich-based Ifo institute said its business climate index climbed to 109.6 from 108.3 in January. That’s the highest reading since July.
The euro stayed higher even as European Commission data forecast that Europe’s economy will shrink in 2012, with Italy and Spain facing sudden crunches as they battle to escape the debt crisis. The euro block will contract 0.3 percent, the commission said, abandoning a November forecast of 0.5 percent growth. The downgrade was mainly due to projected contractions of 1.3 percent in Italy and 1 percent in Spain.
EUR/USD: the pair showed high in $1.3340 area then returned back to $1.3300 area.
GBP/USD: the pair grown above $1,5700.
USD/JPY: the pair was limited Y80,00-Y80,40.
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