EUR/USD attempted to rebound from the 1.1860 mark after a lingering downmove, which was additionally fuelled by the weak Ifo economic report. Following the publication, the Euro lost against the Greenback 10 base points or 0.09%, while the bearish sentiment was sustained putting the pair to the monthly low.
The Ifo Institute for Economic Research reported on Monday that its Business Climate Index dropped to 115.2 in September, reflecting unclarities surrounding the German Federal Election, which left Angela Merkel in front of tricky coalition negotiations. Statement showed that firms were less satisfied with both current situation and near-term outlook, as the country's economy entered the period of new legislation.
| Historical Data Table: German Ifo Business Climate | |||||
| Date | 23.05.2017 | 26.06.2017 | 25.07.2017 | 25.08.2017 | 25.09.2017 |
| Actual | 114.6 | 115.1 | 116 | 115.9 | 115.2 |
| Forecast | 113.1 | 114.7 | 114.9 | 115.5 | 116 |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| EUR/USD | 1.19105 | 1.19001 | -0.09% | ||
| EUR/GBP | 0.88124 | 0.88059 | -0.07% | ||
| EUR/CHF | 1.15763 | 1.15695 | -0.06% | ||
| EUR/JPY | 133.7 | 133.536 | -0.12% | ||