clipped from: currenciesdirect.wordpress.com Further write downs and ballooning debt will certainly undermine the euro, especially given the conservative stance so far taken by the ECB. The German Ifo business climate survey released already shows an improvement in June to 85.9 from 84.2 in May, the business expectation index also rose to 85.90 in June from 84.30 in May.
This is good news for Germany but has not helped the euro gain as the market takes that data with a heavy pinch of salt given the weaker sentiment shrouding the euro-zone and Germany as mentioned earlier.
Report by Phil McHugh
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