Euro could ignore weak Ifo data

Euro could ignore weak Ifo data

Updated October 25, 2023 at 3:16 a.m. ET

07:07 GMT – The potential for a negative surprise for the euro from German Ifo business climate data at 08:00 GMT is limited after disappointing purchasing managers’ indices weighed on the currency on Tuesday, Sonja Marten said, analyst at DZ Bank Research, in a note. EUR/USD is trading sideways in the 1.06-1.07 area and is not expected to fall too much, she says. “Overall, we stand by our assessment that the EUR/USD correction has exhausted its potential,” she says. However, the driver for a sustained rise in EUR/USD will have to come from the United States in the form of a significant deterioration in real economic data, she says. EUR/USD was last trading flat at 1.0590. (emese.bartha@wsj.com)

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