The Euro may face higher selling pressure following the publication of German IFO data. Preliminary forecasts for the business climate component are estimated to show a 78.3 print, slightly higher than the prior 74.3 reading. The current conditions and expectations statistics are also anticipated to show an improvement in sentiment as Germany eases its lockdown measures.
However, final prints for Q1 GDP data on a year-on-year and quarter-on-quarter basis may dampen sentiment as all figures are anticipated to show a negative figure. Data out of Germany has a tendency to elicit higher-than-usual relative to its neighbours’ statistics due to it being the largest economy in the region. Consequently, its economic trajectory has larger implications for Europe as a whole and by extent, the Euro .
Slower growth out of largest Eurozone economy may hurt Euro
EUR/USD rejected for third time at key resistance – now what?
Dailyfx News!! I add this to my analysis as some people may find it useful!