The main currency is “gaining weight” again, although the amount of purchases is not very big.
The EUR/USD pair is getting more expensive on Thursday afternoon. The current quote for the instrument is 1.1290.
According to the statistics published today, Ifo Business Climate Index for Germany in August reduced up to 106.2 points against the predicted number of 108.5 points. At the same time, Ifo Current Conditions in August decreased up to 112.8 points against the expected number of 114.9 points. Ifo Expectations, in its turn, fell to 100.1 points against the predicted number of 102.5 points.
In the Ifo, they think that these declines are directly connected with the period of summer calm.
The report on the Existing Home Sales published by the USA yesterday count against the Dollar. In July, the indicator decreased by 3.2% m/m and was 5.39 million homes in the year term. Sales in this sector have fallen for the first time since February, and everyone expected the number after the decrease to be not less than 5.51 million. On a year-on-year basis, the indicator fell by 1.6%. This rather questionable report shows that the process of the housing market recovery and stabilization is very unbalanced.
Investors’ attention is more and more focused on the Jackson Hole, where the most important fiscal authorities are having their meeting. The most essential comments, which may be interesting for the currency market, will appear only tomorrow, but investors prefer to get ready for them in advance.
RoboForex Analytical Department
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