The German IFO business climate advanced to 104.7 this month beating estimates of 103.2. This is an increase from last months 103.2. Bloomberg stated that this is the first rise in 6 months.
With this data out for a couple of hours now, it is a good opportunity to short EUR/USD. Fundamentally tomorrow, the US Q3 preliminary GDP will be out and it should carry a similar tone to the advanced GDP a month ago. This will in turn push the EUR/USD pair to new lows.
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