The common currency of the European Union climbed on Friday against the U.S. dollar after the emergence of strong economic data from Germany, the strongest economy in the 17-nation bloc, Bloomberg reports.
Next month is forecast to see strong consumer sentiment in Germany, elongating the largest weekly advance for the euro against the world's reserve currency since early last month. German institute Ifo released surprisingly strong data noting its business climate index advanced more than anticipated this month, checking in at 105.7 after registering at 104.4 last month. Bloomberg-polled economists projected the index would not change.
Bundesbank, the central bank of Germany, said the national economy will continue gaining steam this quarter, which ends next month. Exports advanced and factory orders pushed ahead in March, the central bank said.
The consumer-sentiment index orchestrated by GfK AG forecast returns of 6.5 in June after registering at 6.2 this month. The forecast would be the highest level since returns in September 2007.
This month's Ifo index was projected to check in at 104.5, according to economists surveyed by Reuters.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.