Tuesday, 28 Aug 2012
Euro Sees Modest Gains despite Poor German News
The euro saw slight gains against several of its main currency rivals yesterday, despite a worse than expected German Ifo Business Climate figure that signaled a possible slowdown in the euro-zone's strongest economy. Analysts attributed the euro's uptrend to hopes that the ECB will soon take steps to lower borrowing costs in Spain and Italy. Today, the US CB Consumer Confidence figure is forecasted generate the most market activity when it is released at 14:00 GMT. If the figure comes in above the expected 65.8, the US dollar could reverse some of its recent losses against the EUR and JPY.
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