Eagerly awaited German IFO data now out

  • 107.5 prev revised up from 107.4
  • current assessment 113.9 vs 112.9 exp vs 113.1 prev
  • expectations 102.4 vs 101.80 exp vs 102.00

IFO economist cites temporary relief over Greece helping the brighter mood

  • Iran deal has positive impact on expectations in the chemical industry
  • strong domestic demand remains main driver for German economy
  • no big impulses to be expected from exports due to cool down in China and waning effect of weaker euro

The survey covers 7000 German firms. More info here

EURUSD surges to two-week highs of 1.1114 from 1.1082 to continue the euro-positive tones all morning

EURGBP takes out offers to post 0.7162

EURJPY 136.89 running into 137.00 offers