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.
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2020 TeleTrade-DJ International Consulting Ltd
TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
TeleTrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.