EUR/USD is clinging to recovery gains around the 1.0600 region. The focus now shifts to the German IFO business survey. Any upside surprise could give the pair a modest boost, economists at ING report.

EUR/USD unlikely to break new ground this week

“On the agenda today is the Germany Ifo business confidence index for December. Today's Ifo data is expected to see the expectations component bounce up to 82 from 80 – still very low. Any upside surprise could give EUR/USD a modest boost in thin markets.”

“We doubt EUR/USD will break new ground this week, although it is hard to rule out a move back up the 1.0700 area.”