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EURUSD Price Slips Back After Ifo Index Disappoints

EURUSD Price Slips Back After Ifo Index Disappoints

2019-04-24 08:35:00
Martin Essex, MSTA, Analyst
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EUR price, news and analysis:

  • The business climate in Germany deteriorated unexpectedly in April, according to the Ifo Institute.
  • That added to the evidence that the German economy is spluttering and weakened EURUSD.

You can find our second-quarter forecasts for the Euro and other currencies here

German economy loses steam

EURUSD fell back Wednesday after the German Ifo Institute reported that its business climate index dropped to 99.2 in April from a revised 99.7 in March. An increase to 99.9 had been predicted by economists.

Moreover, its current assessment index and its expectations measure both missed expectations too, prompting Ifo to say that economic growth in Germany is likely to be weaker than the 0.8% forecast, with the industrial sector dragging the economy lower. The German economy continues to lose steam, Ifo President Clemens Fuest said in a statement.

In response, EURUSD weakened for the second successive session, extending the decline recorded over the past week.

EURUSD Price Chart, 30-Minute Timeframe (April 17-24, 2019)

Latest EURUSD price chart.

Chart by IG (You can click on it for a larger image)

You can read more about EURUSD here

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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