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European indices continue to rally despite the Greek vote after the ECB unveiled a large scale quantitative easing program of 60 billion euro a month starting from March 2015 until September 2016 - a stimulus program well above expectations. The euro dropped to a low at USD1.1097 on concerns the Greek elections result could lead to instability in Europe but recovered during the session. The anti-austerity party Syriza won a decisive victory within 2 seats of the absolute majority. Alexis Tsirpas, the new Prime Minister, has pledged to keep Greece within the monetary union but wants to renegotiate Greek debt.
Today a set of data on Business Climate, Current Assessment and Expectations coming from the German Institut für Wirtschaftsforschung, a research institute, was released at 09:00 GMT. German Business Climate in January improved to the highest in 6 months beating expectations. The Index added 1.7 points from a previous reading of 105.5 to 106.7. Economists expected an increase to 106.2. The solid data eases concerns over the health of Eurozone's biggest and most important economy .The Current Assessment index improved to 111.7, 1.1 points above expectations of 110.6 points and a previous reading of 110.0. IFO-Expectations reflecting attitudes toward business prospects improved to 102.0 - missing forecasts of 106.2.
In today's session the commodity heavy FTSE 100 index is trading -0.38% quoted at 6,806.75 as miners and energy shares weigh. France's CAC 40 added +0.20% trading at 4,649.98. Germany's DAX 30 is currently trading +0.69% at 10,723.25 points after solid IFO data at a new all-time high fuelled not only by the ECB's stimulus but also by a weakening euro and falling oil prices.