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German IFO surprised on the upside – BBH

FXStreet (Barcelona) - Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, notes that in terms of economic data, today’s German IFO surprised on the upside, helping the euro regain the $1.24 level against the dollar.

Key Quotes

“In terms of economic data, today’s German IFO surprised on the upside, helping the euro regain the $1.24 level against the dollar. The business climate component rose to 104.7 against expectations for a small decline to 103.0; the current assessment component rose to 110.0 from 108.4 and expectations component rose to 99.7 from 98.3. Although the November PMIs released late last week were weaker than expected, the ZEW survey had been a huge positive surprise.”

“The dollar is little changed against most major currencies. The euro is trading around the $1.24 level while the pound is at $1.5650."

"The yen is underperforming, with the dollar rising back above the ¥118.0 level. In the EM space, RUB is outperforming as short covering continues, with the currency up about 1.5% in each of the last three sessions against the basket.”

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