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24 Feb 2020
EUR/USD: German IFO to drive the day
EUR/USD stages a solid rebound on Friday amid stronger Eurozone PMIs and softer USD. Investors now look forward to the German IFO survey for some short-term trading impetus, FXStreet’s Haresh Menghani reports.
Key quotes
“The shared currency found some support following the release of better-than-expected Eurozone PMI prints – in particular from Germany, the region's largest economy. The recovery move was further supported by a modest US dollar pullback from nearly five-month tops.”
“The pair opened with a weekly bearish gap on the first day of a new trading week in reaction to reports indicating a rise in the number of coronavirus cases in the north of Italy.”
“Market participants now look forward to the release of the German IFO Business Climate Index, expected to come in at 96 for February as compared to 95.9 previous, and provide some short-term trading impetus.”