German Ifo Business Climate on Tap
June 22nd, 2009 Posted in Daily Forex News
There are two important events today which will dominate the economic arena, the German Ifo Business Climate data release and a speech by ECB President Trichet. I expect that the EUR crosses may become highly volatile during these events.
8:00 GMT: German Ifo Business Climate
· This indicator reflects the level of a composite index based on surveyed manufacturers, builders, wholesalers, and retailers
· The market is likely to go volatile during and following this release today.
· This indicator always provides for extreme market volatility in the major currency pairs.
· Better-than-expected results may help the EUR recover some of last week’s losses against GBP and JPY.
Tips on Crude Oil
· Oil prices dropped significantly last Friday and is currently trading at $69.60
· Oil has surged in recent weeks on speculation and a weak dollar, not on actual demand.
· As for today, Oil might see an upward correction with a target price of $72.
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Tags: ECB President Trichet speech, Forex, forex blog, German Ifo Business Climate
