Forex European News – Euro spurred on positive IFO data

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Forex News Asia: Germany rejects speculation over Greece’s abandonment of EurozoneAll three German IFO indicators came out earlier today better than expected, pushing the single currency higher. The IFO – Business climate came out at 114.2, while the forecast was for a reading of 110.2, the reading for April was at 110.4. The IFO – Current Conditions came out at 121.4 despite the expectations for a price at 117.0, on April the indicator was at 116.3. IFO – Expectations was also improved at 107.4 against a forecast of 104.0. The strong IFO data combined with the German GDP data which was released few hours ago, boosted the Euro which depreciated most of the losses against the US Dollar from the previous sessions. The European Unit during the last hour gained some 43 pips versus the greenback to touch a peak of 1.4096. Investors expected some more European data during the day which will probably give additional turbulence to the EURUSD pair. CESifo group releases IFO indicators on monthly basis; positive readings anticipate growth for the domestic economy and hence upward movements for the domestic currency.