Daily Update - 27th June 2017
German Ifo business climate surprised to the upside, coming in at 115.1 points in June versus 114.6 recorded last month and expectations of 114.4. Meanwhile, the current economic assessment also improved to 124.1 points in the reported month, as compared to last month's 123.2 and 123.3 anticipated. Data wise in Euroland, very good results from the German IFO for the month of June failed to ignite a more lasting rebound in the pair while traders will now look to the US data releases and the subsequent speech by President M. Draghi. The US dollar was trading mixed yesterday, and there was some weakness as the latest durable goods orders data showed a 1.1% decline, which was more than expected. Core durable goods orders rose 0.1%, slower than the estimated 0.4% increase. The decline in the headline durable goods orders was the biggest drop in nearly 9-months. Tuesday brings a number of speeches from central bank governors, and they definitely are worth a closer look.The first speech will be ECB President Mario Draghi will be speaking at the European Central Bank forum on central banking in Sintra, Portugal. Bank of England will release its latest Financial Stability Report, and Governor Mark Carney will hold a press conference discussing the report half an hour later. Both are high importance events, especially because there have been several hawkish dissenters among the policy makers. And Fed Chair Janet Yellen will be speaking at the British Academy in London. She will be discussing the global economic issues, and audience questions are expected, which could lead to some volatility. Yesterday’s Market
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