German IFO’s Economist: Brexit and US election have not yet had any impact on the business

Dhwani Mehta FXStreet

Following the release of the final German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that the uncertainty over the Brexit issue and US election has not yet had any impact on the German business.

Additional quotes

“Industry is continuing recovery and its export expectations have improved significantly.”

“German exporters profiting from industrial recovery in major trading partners.”

“Rising infection rates hurting sentiment in the service sector, especially tourism branch.”

Market reaction

EUR/USD has stalled its rebound, now trading at 1.1656, almost unchanged on the day.

The spot hit a high of 1.1682 ahead of the German data release.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.