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27 Aug 2013
Flash: EUR/USD focused on German Ifo - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the main focus in the European trading session will be the release of the latest German IFO survey for August.
Key Quotes
“German business confidence is expected to have increased more markedly in August than in July moving even further above its long-term average (moving closer to one standard deviation above) driven mainly by improving current conditions.”
“The German economy expanded robustly by 0.7% in Q2 as pent up demand was released, with growth expected to ease only modestly back towards 0.5% in Q3.”
“The euro continues to derive support in the nearterm from improving cyclical conditions in the euro-zone. The latest IMM report to Tuesday of last week revealed that speculators have rebuilt euro long positions to their highest level since May 2011.”
“The main focus for the pound this week will be the speech from BoE Governor Carney tomorrow, which provides an opportunity to try to dampen higher UK short rates.”
Key Quotes
“German business confidence is expected to have increased more markedly in August than in July moving even further above its long-term average (moving closer to one standard deviation above) driven mainly by improving current conditions.”
“The German economy expanded robustly by 0.7% in Q2 as pent up demand was released, with growth expected to ease only modestly back towards 0.5% in Q3.”
“The euro continues to derive support in the nearterm from improving cyclical conditions in the euro-zone. The latest IMM report to Tuesday of last week revealed that speculators have rebuilt euro long positions to their highest level since May 2011.”
“The main focus for the pound this week will be the speech from BoE Governor Carney tomorrow, which provides an opportunity to try to dampen higher UK short rates.”