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24.11.201512:50 Forex Analysis & Reviews: Global macro overview for 24/112015

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Global macro overview for 24/11/2015:

Some good news has been delivered from Germany this morning. The German GDP increased 0.3% q/q (1.8% y/y), which was in line with expectations. The Ifo Business Climate index beat the expectations as it was reported at the level of 109 vs. the forecast of 108.3 and 108.2 in the previous month. It posted the best showing since June 2014. Moreover, all of the Services and Manufacturing PMIs released yesterday were above the level of 50 , which separates contraction from expansion. The manufacturing and services sectors are expanding, which is the good news, as the eurozone's economy has been hampered by the weak growth.

After breaking higher above the golden trend line, the EUR/USD pair is trading slightly below the technical resistance at the level of 1.0669. The support is seen at the level of 1.0619.

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