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The EUR broke a level which is below 1.4600 just right after the German IFO Survey fell to a three year low record. German business confidence went down to 94.8 from 97.5 in JUL and far below the expected 97.2. The EURUSD pair was already trading heavy having fallen over 100 points in Asian trading ahead of the German GDP report which showed the country’s economy contracted 0.5% in the second quarter.
The GBP fell to a 25 month low of 1.8368 on the German news as well, The speculations for the UK economy has gone bleaker as it is contending with a housing slump in addition to slowing global growth.
As we updated yesterday for the five key events that will take place during the week, The U.S. calendar is full of releases today with housing, manufacturing and sentiment data on tap
While the European and Asian strong economies continue to slow down, the United States economy has become increasingly more attractive for broad investors which will continue to contribute to the USD's recent rally and bullish acts. An expected improvement in the U.S. consumer confidence report and the Richmond Fed Manufacturing Index will also add bullish sentiment.
Will The EUR/USD Break 1.4500?, According the fundamental information states above we suggest it will reach that level some where soon.
14:05
Posted on Aug-26-2008
