The euro was soft intraday due to the unexpectedly weak German business climate but has managed to recover and is trading close to its opening level as of now.
The Ifo Business Climate Index fell to 109.8 in January from 111.0 points in December. Analysts had expected a small increase to 111.3. The data hurt the euro initially, but the currency has recovered by now, perhaps thanks to the dollar’s weakness (though the euro actually lost its gains against the greenback itself).
EUR/USD traded near the opening level of 1.0729 as of 18:22 GMT today after rallying to the high of 1.0769 intraday. EUR/JPY was down to 121.62 during the trading session but is trading at about the opening level of 122.08 currently.
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