The Euro had been gathering steam and had earlier struck a 2-week peak versus the US Dollar as traders awaited the release of German business sentiment. Germany, as the largest economy in the Euro area, essentially drives the remainder of the Eurozone and largely sets sentiment for the common currency. All three of the IFO surveys bested analysts' predictions. The IFO Current Assessment came in at 113.9 against analysts' forecasts of 113.0 which would have been a slight decline. IFO Business Climate edged up to 108 against expectations of a rise to 107.2; the previous reading was revised upward, as well. Finally, IFO Expectations notched marginally higher to 102.4 from an upwardly revised 102.1 in the previous reading; expectations were of a fall to 101.8.

As reported at 11:22 am (BDT) in London, the EUR/USD was trading at $1.1069, a gain of 0.82% and slipping from the session peak of $1.1111. The EUR/GBP was also higher at 0.7136 Pence, a gain of 0.81%; the pair ranged between 0.7067 and 0.7161 in today's trading session.

US Durable Goods Awaited

In the US, traders are awaiting the release of US Durable Goods Orders for June. Analysts are forecasting the figures to rise in June to 3.0% for all goods, and 0.5% stripping out the volatile components of food and fuels. A disappointment in the numbers would keep the greenback under pressure while an upbeat surprise could provide a temporary lift.