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Market Overview
EURUSD: Euro Erases Gains After Weak IFO Numbers
The single currency failed to hold intraday gains and
dropped 30-40 from daily highs to trade relatively unchanged on the day during
the US session, hovering near 1.1350.
Earlier in the day, the German IFO surveys came out on the
negative side when the business climate survey decelerated to 102.0 in November
from 102.9 in October and the expectations (the most important subindex) slowed
from 99.7 to 98.7. Both numbers came well below analysts’ forecasts. The
current assessment gauge fell as well and printed 105.4 from 106.1 in the
previous month.
From other news, ECB’s Draghi, Nowotny and Coure held
speeches today, but failed to spur any significant volatility.
Sentiment remains positive during the US session as stocks
are quickly erasing last week’s losses, with the SP500 index up 1% and the
Nasdaq index trading 1.5% stronger.
US yields moved higher as well, but not so substantially,
while commodities were rallying on Monday as well. The dollar index was
flattish heading into the London close, held mainly by the soaring USDJPY pair.
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