Euro – European Markets The Euro dropped against the majors this morning following dismal German Ifo sentiment reports. In contrast with yesterday’s upbeat German manufacturing and services PMI readings, today’s German Ifo data revealed that business sentiment in the nation deteriorated more than expected for July, thereby making evident that economic recovery continues to remain uneven. However, the region’s largest economy overall looks to recover modestly going forward, as marked by data released earlier today which indicated that GfK consumer morale in Germany rose near to its highest level in more than seven and a half year for August despite rising geopolitical tensions in Ukraine and the Middle East. Against this backdrop, markets have now turned their attention to next week’s inflation reading from most of the European economies to gauge whether the recent easy policy measures have helped inflation to tick higher in the Euro bloc. Yesterday, the Euro edged higher against the majors following upbeat Euro zone and German PMI reports. However, a surprise drop in US weekly jobless claims led the Euro to retreat from its highs against the US Dollar in yesterday’s trading session.
Posted on: Fri, 25 Jul 2014 10:21:01 +0000
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