EUR/USD consolidates below 1.11. Economists at Société Générale analyze the pair’s outlook ahead of German IFO business survey.
Bond spreads are widening in favour of the Dollar
The bellwether of confidence surveys plateaued in April and gradually lost traction in Q3. A third successive drop in July is on the cards and would meet the reliable rule of thumb for the direction of the economy: three declines (or increases) signal a change in the trend. The malaise is deepening early in Q3 following the (mild) winter recession and could add to doubts that ECB President Lagarde can maintain a hawkish policy bias on Thursday
Bond spreads are widening in favour of the Dollar.
The 1.1050 level in EUR/USD must hold to avert a return towards 1.10.
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