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The German IFO report surveys manufacturers, retailers and builders to gauge business sentiment. The reading for June came in at 105.9, when analysts were expecting 106 after May’s reading of 105.7. The euro dipped versus the US dollar on the back of the report due to missed expectations.
We are not expecting any economic announcements from the US today, but there is a raft of economic updates tomorrow and Wednesday. Traders are not viewing strong economic updates as a sign that the Fed will reduce the size of the quantitative easing scheme, so if the announcements are positive we could see the euro lose more ground to the US dollar over the next 48 hours.