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Germany will release Ifo Business Climate Index on Friday at 11:00 MT time.
Instruments to trade: EUR/USD, EUR/GBP, EUR/JPY, EUR/AUD
You don’t have to be a fortune teller to say that German business will be hit hard by the coronavirus-related lockdown. In March, the index fell to 87.7 points from 96 in February, its biggest drop since 1991. This was the preliminary estimate: the final number turned out to be even grimmer: 86.1.It’s time to remember that Germany is the key economy of the euro area. When it falters, a shadow falls on the entire region and hence on the EUR. Such pairs as EUR/GBP and EUR/JPY will be especially sensitive to the news right after the release. As for the EUR/USD, it will move actively later that day when durable goods orders come out in America. The economy which shows less negative results will see its currency go up.
If German Ifo Business climate index is greater than the forecast, the EUR will rise. If the indicator disappoints, the EUR will fall.
Check the economic calendar
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The Eurozone will publish the Indicator of GfK Consumer Confidence on November 25, at 09:00 GMT+2.
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
The US Markit will publish Flash Manufacturing and Flash Services PMIs (purchasing managers' indices) on June 23 at 16:45 GMT+3.
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