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German IFO Disappoints

Published 04/25/2013, 06:46 AM
Updated 04/25/2018, 04:40 AM
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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.
Technical Analysis
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.
<span class=EUR/GBP H4" title="EUR/GBP H4" width="977" height="690">
Disclaimer • Risk Warning
This document should not be relied upon as being an impartial or objective assessment of the subject matter and is not deemed to be “investment research” as defined by the applicable law. This document has been issued by TFI FX only for information purposes and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action.

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