EUR/USD spikes to 1.1175 on German data, back at 1.1150

22 May, 2015

The shared currency spiked higher with renewed momentum against the American dollar in the European morning, sending EUR/USD to fresh session highs beyond 1.11 handle. The major jumped to fresh highs after Germany Ifo business conditions improved above markets expectations in May, although worsened only slightly from the previous month.

EUR/USD accelerate gains on upbeat IFO data

The EUR/USD pair trades 0.41% at fresh session highs of 1.1156, retreating from 1.1176 highs post Ifo release. EUR/USD prolongs its overnight gains and remains heavily bid after in line with estimates German GDP supported the EUR bulls. While the latest German Ifo print also added to upside in the main currency pair.

The headline Ifo Business Climate Index fell to 108.5 in May, slighlty below the 108.6 booked in April. 
Markets had forecast a drop to 108.3 points in May. Meanwhile, the Current Assessment sub-survey, indicating current conditions in Germany, booked 114.3 points, after the previous month'sfigure of 113.9 and beat forecasts. 

Moreover, broad based US dollar weakness following weaker publication of US macro data yesterday also contributes to the strength in the EUR/USD pair.

Meanwhile, traders now shift their focus towards ECB Chief Draghi’s comments which are underway while US CPI figures and Fed Chair Yellen’s speech will abe also closely watched.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1200 levels, above which gains could be extended to 1.12 23 (May 5 High) levels. On the flip side, support is seen at 1.1100 below which it could extend losses to 1.1063 (May 20 Low) levels.


Source link  
GBP/USD on the offers around 1.2750

Brexit uncertainty, Turkish contagion fears leave the higher-yielding GBP vulnerable. Attention turns to Tuesday UK jobs report amid empty docket today...

Gold bears await a break below

The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal...

Gold near term weakness

Gold has fallen to a yearly low, as it lost around 4% in June itself (end-of period prices), contrasting sharply with the above $13000/oz. price performance in the early part...


Dollar holds weaker below mid-94.00s

Fading German political uncertainty lifts EUR and prompts some weakness. Flattening of the US yield curve further collaborates to the weaker tone...

FOMC will raise rates today

At this point, it would be extremely surprising were the Committee to forego a rate hike. Economic data have indicated accelerating activity over the...

Gold struggles despite softer USD

Fails to benefit from the ongoing USD retracement slide and escalating trade tensions. Fading safe-haven demand/rising US bond yields/ECB QE...


Dollar weakens farther below 92.00 handle

The greenback held on the defensive at the start of 2018, with the key US Dollar Index languishing near its lowest level in over three months...

Environment changes for central banks

2017 may have been extraordinary in terms of the political influences on G10 FX markets, but central banks have stolen a fair share of market...

Gold hangs closer to 5-month lows

Gold came under some renewed selling pressure on Wednesday and eroded majority of its previous session's recovery move from near 5-month lows...


In the past 24 hours Bitcoin has gained 2.36% and reached $6563.1429786. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.3466% and is now at $1.138. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -3.6% and is now at $314.286280673. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets89%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro80%
5FIBO GroupFIBO Group78%
6FXCMFXCM73%
7AvaTradeAvaTrade68%
8HotForexHotForex67%
9Alfa-ForexAlfa-Forex66%
10XMXM66%
  


Share: