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Dollar Reversal Under Way?
Posted on June 23, 2008
What an unexpected start to the trading week. Today the US dollar advanced strongly against many currencies on the back of weaker-than-expected Eurozone data, and it wasn t just any Eurozone data; it was the widely watched German IFO survey. Business confidence in Germany, Europe s largest economy, deteriorated significantly in June and reached the lowest level since December 2005, with the business confidence index falling to 101.3 in June from 103.5 in May. The market had expected a reading of 102.5. Even though the headline index has worsened, the business climate indicator for the cons...
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