The main currency pair is trading very slowly on Monday, but the market is ready to push it above 1.12 if there is a good reason.
The EUR/USD pair was growing in the morning, but by the noon it was exhausted and without a reason to continue. The current quote for the instrument is 1.1180.
The market is in no hurry to buy, but doesn’t put purchases aside as well. The market still likes the European currency more, although the start of the Brexit negotiations may change the situation.
The statistics published today indicated that the German IFO Business Climate improved up to 115.1 points after being 114.6 points and against the expected reading of 114.7 points. The components of the report indicate that the IFO Current Conditions increased up to 124.1 points against expectations of 123.3 points, and the IFO Expectations improved up to 106.8 points although it was predicted to reach only 106.4 points.
The Brexit topic influences Europe one way or another, and investors can’t leave it behind. For example, France may take advantage of the United Kingdom’s exiting the European Union. According to Pierre Moscovici, the European Commissioner for Economic and Financial Affairs, Taxation and Customs, the policy of France may attract the companies, which are leaving the United Kingdom due to the Brexit, to the French market. In its turn, it would help the country to reduce the budget deficits, and this is very good for the French economy.
RoboForex Analytical Department