1/25/2021 1:54:48 PM GMT
EUR/USD Current Price: 1.2144
The German IFO survey showed a contraction in business expectations in January.
European stocks fell with dismal German data, dragging Wall Street lower.
EUR/USD is at risk of extending its decline in the near-term.
The EUR/USD pair retreated from a daily high at 1.2182 and fell to 1.2139, following the release of the German IFO survey. The report was much worse than anticipated, as the Business Climate fell to 90.1 in January from a revised 92.2. The assessment of the current situation contracted to 89.2, while expectations fell to 91.1, all missing expectations. Doubts about Biden’s stimulus package add to the dismal mood, as lawmakers from his own party are against expanding coronavirus-related aid.