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EUR/GBP spikes on German IFO

FXstreet.com (Athens): After the release of boosted German IFO, EUR/GBP spiked above 0.8600 area, but soon erased its gains.

German IFO continues surfing on the waves of optimism.

German IFO announced to 107.5 in August, from 106.2 in July. While Germany’s most prominent leading indicator, measuring business sentiment, increased at much higher levels, the common currency could not manage to sustain the gains. While power horse of Euro zone enjoys a set of positive and encouraging macro data, with the economy cruising along rather smoothly, the pair is congested around the 0.8600 area. Therefore, while Germany seems to be solid back …read more