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German Ifo business survey on the agenda in Europe today


The dollar continues to run hot in the new week as we carry over the same themes from last week. The most jarring move is seen in GBP/USD as the currency is down 3% on the day now to 1.0535, after having hit a low of 1.0357 earlier as the pound crashed hard following last Friday’s steep drop.

This is not your fat finger dial of a crash as the quid has already been under heavy pressure after the UK called for tax cuts (and more to follow) at the end of last week. The situation is playing out as you would see with an emerging market i.e. higher rates, weaker currency, and that says a lot about the UK predicament at the moment.

Elsewhere, EUR/USD is down 0.6% to 0.9630 as traders look towards the 0.9500 level next while USD/JPY is up 0.6% again to 144.20 as the Japanese intervention begins to wear off. Commodity currencies are also under pressure with risk sentiment in the doldrums after last week’s selloff. S&P 500 futures are down 0.7% currently.

It is very much a continuation of the buy the dollar, sell everything else mood and unless we do see the BOE step in, there is little to distract from that in European morning trade.

0800 GMT – Germany September Ifo business climate index
0800 GMT – SNB total sight deposits w.e. 23 September

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.



Read More: German Ifo business survey on the agenda in Europe today

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