Euro spiked up to 1.4400 zone

Friday, 22 July 2011 01:13

Eurozone news about German Ifo and Industrials New Orders came out earlier today.  German Information and Forschung measures the level of a composite index based on 7,000 surveyed manufacturers, builders, wholesalers and retailers;  the Ifo Business Confidence fell more than expected in July to 112.9.  Expectations rallied around the figure of 113.7; whereas June's release was marked at 114.5.  Its 112.9 release in July was its lowest in nine months.

European Industrial New Orders which measure the change in the total value of new purchase orders places with manufacturers were released better than expected at 3.6%, rather than the forecasted 0.7%. 

The Euro spiked high over yesterday's 1.43 line to a high of 1.4443 in today's trading session.  The nearing solution to the Greek debt problem is pushing the 17-nation currency higher against the Dollar as well as the Swiss Franc.

EUR/USD is nearing its 1.4443 high again, presently trading at 1.4441.