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EUR/USD Daily Forecast – 26 September

Monday, Sep 25 2017
EUR/USD Daily Forecast – 26 September

Business Climate figures. Angela Merkel won a fourth term as German chancellor in a victory that was marred by the hollowing out of support for the two main parties and a surge for the populist AfD in a clear rebuke to her open-doors refugee policy. Merkel’s Christian Democrat-led bloc and her main challenger, Martin Schulz’s Social Democrats, plunged to historic lows as votes flowed to the anti-immigration Alternative for Germany, or AfD, in a sign of the growing polarization in Europe’s biggest economy.

The ifo Business Climate Index fell in September from 115.9 points to 115.2 points, but still remains way above its long-term average of 102.1 points (as of 1991). Companies were less satisfied with both their current business situation and their short-term outlook than in August. Germany’s economy nevertheless goes into the new legislative period with a strong tailwind. In manufacturing the index declined markedly. Manufacturers were clearly less satisfied with their current business situation, which nevertheless remains favourable.

 

There will be no major data releases from Eurozone tomorrow. In the US session CB Consumer Confidence and New Home Sales figures will be published. Consumer Confidence should fall to 119.1, while New Home Sales should be at an annular rate of 591,000.

 

Figures to watch:

 

CB Consumer Confidence (Tuesday 16:00)

New Home Sales (Tuesday 16:00)

More in this category: « GBP/USD Daily Forecast – 26 September AUD/USD Daily Forecast – 27 September »

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