The German Ifo index is the latest bad news for the euro:
Dropped under the expected. The prior was revised to 99.7 (from 99.6), so this latest dropped under that as well.
The Ifo number was a chance for the green shooters to get some positive news … but, nope.
Says ING:
- green shoots that continue disappointing
- near-term EUR fortunes … are constrained by the generally soft EZ data (April PMIs last week, April consumer confidence yesterday).
- Against the dollar, euro upside is also limited by the solid US data.
- We continue to see EUR/USD at 1.10 within the next 3 months.
Meanwhile, Morgan Stanley on the EUR/USD also, the bank says on the break of 1.1170
- opening downside potential to 1.09
EUR/USD daily:
