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German Business Confidence rose to 109.0 in November

The Ifo Business Climate Index for German industry and trade rose considerably to 109.0 points in November from 108.2 points in October. No change was expected. Assessments of the current business situation improved. Optimism with a view to future business developments also continued to increase for the third consecutive month. The German economy remains unaffected by growing uncertainty worldwide. Not even the Paris attacks had a negative impact on survey data. 
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EUR/USD Daily Forecast – 24 November

Yesterday's session brought French, German and Eurozone PMI data. French private sector output growth weakened slightly in November, with the Paris attacks reported to have hit activity among some service providers. Flash France Services Activity Index fell to to 51.3 from 52.7 in October what is a 3-month low. On the other hand Flash France Manufacturing PMI increased to 50.8 from 50.6 in October what is a 19-month high. However, the trend in new business firmed a little, with growth quickening to a five-month high, while backlogs of work rose again.

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EUR/USD Daily Forecast – 24 November

Euro was pushed lower in the course of the yesterday's session testing area around 1.06 handle as a major support. Pair in the end found this area to be supportive, but , it seems that it is only matter of time when pair will break lower. As for tomorrow, we would pay attention to US GDP figures

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German Manufacturing PMI rose more than expected

Private sector output growth in Germany accelerated further in November, partly driven by efficiency improvements and increased new order intakes, according to panel evidence. Flash Germany Services Activity Index recorded 55.6 up from 54.5 in October, what is a 14-month high. In fact, the rise in new business was a particularly bright spot in the data set, with the respective pace of expansion the fastest in two years.  Read more...

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