Euro drops after German report

Tuesday, 21 June 2011 12:18

The Euro dropped around 30 pips seconds after German Economic Sentiment was released.  ZEW released Germany's Economic Sentiment with a dramatic drop as it stands at -9.0 from previous 3.1.  A fall was expected as forecast for Sentiment was analysed at around -1.7.  As figures indicated results below 0.0, an air of pessimism kicks. 

The Euro is keeping at 30 pips below 1.4350; which was the price trading EUR/USD before the release. 

Although the Euro fell slightly after this release, the 17-nation currency is holding strong as it strengthened against the Dollar from yesterday's forex session.  The Euro managed to hop onto the 1.43 line and hold on to it only to rise even more to a high of 1.4380.  After 1.4380 in today's session, the pair fell back to 1.4303.

The pair is currently trading at 1.4331. 

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