German Business Climate increased more than expected

After weakening for three consecutive months, sentiment among German businesses brightened slightly in March. The Ifo Business Climate Index for German industry and trade rose to 106.7 points in March from 105.7 points in February. Analysts were forecasting increase to 106.2. Assessments of the current business situation improved, reaching their highest level in six months. After last month’s sharp decline, expectations also recovered somewhat. German businesses are less sceptical than in February.

Euro lower on mixed PMI figures

 The French private sector economy ended the first quarter on a more positive note, reversing the dip in output seen during February. The latest data showed broad-based output growth across the manufacturing and service sectors, alongside strengthening optimism among service providers. However, there were also pockets of notable weakness, such as manufacturers’ new orders and employment, which both fell.  Read more...

EUR/USD Daily Forecast - 22 March

Euro went back and forth in the course of the session on Monday. Pair found support around 1.1230 level and managed to rebound slightly by the end of the session, though area above 1.1280 area offered resistance. As for Tuesday, we can expect plenty of volatility with Eurozone data. Pair is likely to find support around 1.12 handle, and resistance above 1.13 and 1.1330 level in extension so these would be our short-term buying and selling points. On the other hand we can expect resistance above 1.13 and near 1.1330 handle.


EUR/USD Daily Forecast - 22 March

From Eurozone, yesterday, Current Account data was released. The current account of the euro area recorded a surplus of €25.4 billion in January 2016. Analysts were predicting surplus of €26.3 billion. This reflected surpluses for goods (€27.6 billion), primary income (€4.7 billion) and services (€3.6 billion), which were partly offset by a deficit in secondary income (€10.5 billion).The 12-month cumulated current account for the period ending in January 2016 recorded a surplus of €316.1 billion, compared with one of €254.5 billion for the 12 months to January 2015. 


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