Intra-Day Market Moving News and Views
23 Feb 2015 09:15GMT
EUR/USD - ...... News from Ifo economist, quote:-
'current situation is very good, abv long-term average;
industry has seen domestic demand weaken slightly, exports still doing well; oil price and euro exchange rate giving support, Greece and Ukraine crisis have not had an impact on German economy;
it will be hard to surpass strg growth seen in Q4 in Q1 of 2015.'
Ifo business climate, current conditions and expectations came in weaker-than-expected at 106.8, 111.3 and 102.5 vs forecasts of 107.7, 112.7 and 103.0 respectively.
Greece govt spokesman said Greek reforms list will be sent to EU partners within the day, and the list will include reforms against tax evasion and corruption. They will be discussing with partners to ensure list is accepted.
European Union Economics Commissioner Pierre Moscovici comment that sanction against France may be necessary if a good deal cannot be reached over its deficit.
Earlier Euro trades with a neutral bias in directionless Asian session after price extended retreat from Friday's 1.1430 high to 1.1358 at Asian open as traders remain cautious after Greece gained conditional bailout extension late on Fri and market awaits the formal submission of Greece's reform proposals to the troika later today for their scrutiny & then approval on Tuesday.
Until then, choppy trading below said Friday's 1.1430 top is expected to continue in European morning. Pay attention to the release of German Ifo Feb business climate (forecast is 107.7 vs reading of 106.7), a better-than-expected number would prompt renewed buying in the single currency.
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