25.11.201706:40 Forex Analysis & Reviews: IFO data supported the euro

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During the first half of Friday, all of the attention was focused on data on Germany, since the US markets were closed due to the Thanksgiving Day holiday.

The euro rose after a good report on the business climate mood in Germany.

According to the data, German business confidence in November of this year has again increased, reaching a new high. Growth is directly related to more optimistic estimates of companies' prospects for the coming months.

The Ifo Institute reported that its business climate index rose to 117.5 points in November against 116.8 points in October. Economists had expected the index to remain unchanged from October.

Talk about the tax reform in the US is also not the best way to affect the quotes of the US dollar. It is expected that the Senate can vote for its own version of the bill as early as next week. Thus, it will be necessary to reach a consensus with the House of Representatives. Only after this, will the new tax law in the United States be issued in a final version.

As for the technical picture of the EURUSD pair, as expected, buyers reached important resistance levels in the region of this week's highs, and the breakdown of the area of 1.1875 led to a demolition of a number of stop orders and the subsequent release of a trading instrument towards the area of 1.1910. Most likely, it is in this trading range that buyers will lock in profits and leave the market on weekends.

The New Zealand dollar reacted to the decline in data on the deficit of foreign trade, but managed to restore its positions during the day.

According to the report, the foreign trade deficit in New Zealand in October of this year was NZ $871 million, while economists predicted a figure of NZ $600 million. Strong growth in imports was offset by exports. Therefore, imports reached a level of 5.4 billion New Zealand dollars in October. As noted by leading economists, the decline in the New Zealand dollar, which was observed recently, will certainly support the export of New Zealand in the future.

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