Euro Remains Above Level of 1.0400 After German IFO Data

EUR/USD fell from its nine-day high above 1.0450 but stayed above 1.0400. In November, Germany’s IFO Business Climate Index went up from 84.5 to 86.3. It helped the Euro. The US stock and bond markets are closed on Thanksgiving.

EURUSD

Luis de Guindos, vice president of the European Central Bank (ECB), said that growth in the Eurozone would go down in the fourth quarter. The person in charge of policy noted that the ECB would keep raising interest rates to lower inflation. The Bundesbank of Germany said that inflation could stay above 10% until the end of the year.

The S&P Global/BME Manufacturing PMI for Germany went from 45.0 to 46.7. The Eurozone’s S&P Global Manufacturing PMI rose from 46.4 and 46.0 to 47.3. The bloc’s Services PMI came in at 48.6, above the expected 48.0.

Before the ECB Monetary Policy Meeting Accounts, or ECB Accounts, are released, Germany’s IFO sentiment statistics for November will be cast for the first time. The price may stay the same because of positive statistics and the hawkish tone of the ECB Accounts, but warnings of a recession could slow the trend up.

Conclusion

Shortly, EUR/USD could go up to 1.0500/1.0550, but the trend could change.

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