Euro strengthening against Dollar

Wednesday, 24 August 2011 12:20

German IFO fell lower than economists had expected.  Actual Index for the month of August plunged to 108.7, even though the index forecasted a slight fall for July's 112.9 to 111.2.

The low IFO index casued the Euro to tumble downwards by some 20 pips. A little after the small decline due to the low news report, EUR/USD shot upwards and is currently marking session highs and trading at 1.4469.