German IFO Disappoints
TFI Markets | Apr 25, 2013 06:46AM ET
The euro fell to a new 2-week low against the US dollar after German IFO business climate survey came in worse than was expected. The release disappointed at 104.4 for April, a 3 month low. Immediately following the news, the EUR/USD fell to a low of 1.2954 before erasing some of its losses. The GBP/USD hit a high of 1.5285 after the BoE announced plans to extend its FLS (Funding for Lending Scheme) for another year. The dollar struggled to hold its ground after U.S. Durable Goods showed a slip of 5.7% in March after expectations were for a 3.0%, indicating that a further slowdown in private section consumption is evitable.
Trade Idea
EUR/GBP
The market is pressuring lower with 0.8500 support level ahead. A break and close below this level should target the 0.8460 and 0.8410 levels.
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