Euro Mixed After German Ifo Business Confidence Data
March 25 2015 - 6:56AM
RTTF2
The euro showed mixed trading against the other major currencies
in the European session on Wednesday, following the release of
Germany's business confidence data in March.
Data from Ifo institute showed that German business morale
improved for the fifth straight month in March. The Ifo Business
Climate index climbed to 107.9 in March from 106.8 in February. It
was forecast to rise to 107.3.
The current conditions index improved to 112, in line with
expectations, from 111.3 in the prior month.
At the same time, the expectations index rose to 103.9 from
102.5 in February and stayed above the expected score of 103.
With regard to Greece, Athens needs to come up with a list of
its own reforms by early next week to get fresh aid from its
creditors and avoid a messy default. Government spokesman Gabriel
Sakellaridis told Mega TV yesterday that the detailed reform
proposals would be delivered by Monday at the latest. Greece will
run out of money by April 20 without any release of funds.
Meanwhile, the European stock markets were also mixed.
In the European trading today, the euro advanced to more than a
4-week high of 0.7376 against the pound, from an early low of
0.7342 and held steady thereafter. The euro fell to 1.4320 against
the NZ dollar, from an early 5-day high of 1.4364. This may be
compared to an early 2-day low of 1.4238. If the euro extends its
downtrend, it is likely to find support around the 1.40 area.
Moving away from early lows of 1.0459 against the Swiss franc
and 130.57 against the yen, the euro edged up to 1.0508 and 131.23,
respectively and held steady thereafter.
Against the U.S., the Australia and the Canadian dollars, the
euro edged up to 1.0966, 1.3929 and 1.3701 from early lows of
1.0899, 1.3846 and 1.3634, respectively. Thereafter, the euro held
steady against the greenback, the aussie and the loonie.
Looking ahead, European Central Bank policymaker Peter Praet is
expected to take part in panel discussion on "Global Economic
Recovery - a Tale of Many Parts" at the International Financial
Services Forum in London at 6:25 am ET. After 5 minutes, U.S.
Federal Reserve Bank of Chicago President Charles Evans will
deliver a speech titled "Monetary Policy and the Economy" at the
Official Monetary and Financial Institutions Forum, in London.
In the New York session, U.S. durable goods orders for February
and crude oil inventories report for the week ended March 20 are
slated for release.
At 2:30 pm ET, U.S. Treasury Secretary Jack Lew will testify
before the Senate Banking Committee in Washington.
After an hour, the Bank of Canada Deputy Governor Timothy Lane
gives presentation as part of the bank's regional outreach program
in Kelowna.
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