IV:Forex - Euro touches session highs after German Ifo
Investing.com - The euro touched session highs against the dollar and the yen on Monday after data showed that Germany’s Ifo business climate index rose by the most in over two-and-a-half years in February.
EUR/USD hit 1.3770, the highest since last Wednesday, and was last up 0.16% to 1.3760.
The pair was likely to find support at 1.3701, Friday’s low and resistance at 1.3811, the high of December 31.
The German research institute Ifo said its business climate index came in at 111.3 in February, the highest level since mid-2011, up from 110.6 in January. Analysts had expected an unchanged reading.
German firms are benefitting from high export demand the report said, but ongoing concerns over volatility in emerging markets continued to cloud the outlook.
The future expectations component of the index ticked down to 108.3 from 108.9 in January, but was ahead of expectations for a decline to 108.2.
EUR/JPY edged up 0.05% to 140.88, recovering from session lows of 140.29.
