German IFO Business Climate beats with 114.6 – EUR/USD looks strong

Germany’s No. 1 think-tank was expected to show a more robust consumer confidence figure in May: 113.1 against 112.9 in April. Also, the accompanying components were expected to tick up.

EUR/USD was reaching out to new highs ahead of the publication, hitting a new 6-month high of 1.1267.

Earlier, Germany’s purchasing managers’ index for the manufacturing sector came out above expectations at 59.4, better than 58 predicted. The services sector stood at 55.2, just shy of 55.5 predicted.

French PMIs were mixed: the manufacturing PMI missed with 54 against 55.2 projected. The services PMI beat with 58, above 56.8 that was on the cards.

More: EUR/USD moving on up on its mojo and on Merkel[1]

The news of the day is the tragic terror attack in Manchester. At least 22 people have lost their lives while exiting a concert in the Manchester Arena in an apparent suicide bombing. Unfortunately, markets have gotten used to such tragedies and the reaction is minimal.

Here is the 30-minute chart:

Get the 5 most predictable currency pairs[2]

from Forex Crunch

from Online Forex Trading Resource
View thesource article here


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s