The German Ifo Business Climate surveys about 7,000 businesses asking them to rate business conditions/expectations for the upcoming 6-month period.
[column size=”1-2″ last=”0″ style=”1″] Monday morning at 4am EST, the Business Climate will be released. This announcement is expected to only be .4 higher than last month’s. Last month the Business Climate reached it’s lowest level since March 2010. One reason the Climate is observed closely by investors is because of it’s volume of data. Around 7,000 businesses are taken into consideration in this survey. Therefore, it’s opinion is loud and it’s release is influential to the market.
If the climate is more bullish than expected Monday morning, it could help push the EUR up against the dollar.
More German Fundamentals
Let’s not forget the Euro Zone is still in turmoil .
“At the moment the bloc is like a group of skittles,” one senior government official said. “Some are unstable and there is a danger that one falls over and knocks others down with it. But we don’t know which one it will be. It could be the Greek skittle or the Italian one or the Spanish one. Or there could be a skittle flying in from the outside such as a Chinese one.” (From Reuters)
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Fuel has been added to the Euro Zone inferno with China is stepping into the European spotlight. Germany relies on China for much of their exporting. With Germany being the world’s third largest exporting Nation and with China’s current economic crisis, Germany, as well as the Euro, could deeply suffer if the Chinese economy doesn’t pick up.
The EUR/USD had it’s first bearish week since mid-August this week and is at a critical resistance level.
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