Euro boosting after German Ifo

Friday, 24 June 2011 11:58

The Euro spiraled downwards after its highs at the 1.44 line earlier this week, to go back to its monotonous 1.4200 trading.  Yesterday's session saw EUR/USD trading at the 1.42 line, keeping it steady to today's trading session.  The Euro shook some ground to a hawkish looking currency when German Business Confidence rises in June. 

German Ifo rose to 114.5 in June unexpectedly from 114.2 in May.  Only 113.6 was expected by economists for the German Business Cofidence.  The release was positive news for the Euro, as it boosted versus most major currencies such as the U.S Dollar, Swiss Franch and Sterling.

Euro/Dollar was trading at 1.4211 before the German Ifo release, spiking to 1.4227 within seconds and boosting further to 1.4267 (its currenct trading point)

Euro/Swiss Franc also turned to a positive attitude for the Euro as the pair is currently trading at 1.1944; from 1.1915 before the report.

The Euro also rose up against the British Pound.  The pair was along the lines of 0.8900, only to climb to 0.8920.  Sterling seems to be in a struggle these past days as BoE Minutes of Meeting pushed the Pound down against most of its counterparts.