09:00 Germany IFO business climate index (December) 109.9
10:00 EU(16) Trade balance (October) adjusted, bln 3.6
10:00 EU(16) Trade balance (October) unadjusted, bln 5.2
The euro rose against the dollar for a second day after European Union leaders agreed to create a mechanism to contain future debt shocks and German business confidence unexpectedly climbed.
The euro gained even as Moody’s Investors Service cut Ireland’s credit rating.
The EU summit result “sets the stage for further consolidation, such as cross-border guarantees” between member states’ debt, said Geoffrey Yu, a foreign-exchange strategist at UBS AG in London. The agreement “is not negative for the euro. If they had downgraded Ireland to junk right now I don’t think it would make too much of a difference, because the country is already shut out of markets anyway.”
German business confidence unexpectedly rose to a record in December as stronger domestic demand helped bolster the recovery in Europe’s largest economy, according to data published today.
The Munich-based Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 109.9 from 109.3 in November. That’s the highest since records for reunified Germany began in 1991. Economists predicted a drop to 109, the median of 36 forecasts in a survey shows.
Moody’s cut Ireland’s credit rating by five levels to Baa1 after the government was forced to ask for external aid last month, staggered by losses in the banking system.
EUR/USD: the pair shown high in the field of $1,3360. Later the rate decreased below a mark $1,3300.
GBP/USD: the pair decreased in around $1,5580.
USD/JPY: the pair bargained within the limits of Y83,70-Y84,10.
US data at 1500GMT includes BLS State Unemployment as well as the index of leading indicators, which is forecast to jump 1.2% in November, with positive contributions from every component except for possibly weaker building permits.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at firstname.lastname@example.org.