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On Tuesday, the euro dropped 20 points. The major reason was weak data on Ifo Business Climate Index in Germany. Ifo Business Climate Index in Germany in September was 107.7 vs. forecast for 108.4. US House Price Index grew (HPI in July was 1.0% vs. forecast for 0.9%).
The expectations about increase in US budget ceiling. In particular, Moody’s assumes the agreement on the issue will be reached. And the expectations will rise every day, making pressure on the euro.
Today at 10:00 UTC+4 GfK Consumer Confidence Survey in Germany in October is issued; forecast 7.1 vs. 6.9 in September.
At 16:30 UTC+4 data on US Durable Goods Orders in August is revealed; forecast 0.0% vs. -7.4% in July. At 18:00 UTC+4 data on US New Home Sales in August is disclosed; forecast 422K vs. 394K in July. Thus, we expect the decline of the euro.
When the level of support 1.3462 is broken, we expect pressure to 1.3412, then 1.3387, the high of September 16.
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