Business confidence in Germany, as measured by the Ifo institute saw modest improvement. For February, the business climate index rose to 96.1 during the month. This was up from a revised 96.0 in January.
The data underlined the fact that German businesses were unaffected by the impact of the virus outbreak. It also signaled a modest increase in the business sentiment from December.
EUR/USD Attempting to Rebound
The common currency is posting some modest gains into Monday’s close. This comes as the US dollar takes a pause in its rally.
With the Stochastics now showing possible renewed momentum, we expect that the EURUSD will maintain the upside bias for now. As long as the price level of 1.0839 holds, the next upside target is 1.0897.
