The Euro remained well-bid above the 1.0800 level against the US Dollar. EUR/USD formed a base and started a fresh increase above the 1.0825 resistance.
German Ifo Business Climate was unchanged to 89.3 in May, below expectation of 90.3. Current Assessment Index fell from 88.9 to 88.3, below expectation of 89.9. Expectations Index rose from 89.7 to 90.4, slightly below expectation of 90.5.
German Ifo Business Climate rose from 87.8 to 89.4 in April, above expectation of 88.5. Current Assessment Index rose from 88.1 to 88.9, above expectation of 88.7. Expectations Index also improved from 87.5 to 89.9, above expectation of 88.9.
Dollar is making a modest recovery in early US session, supported by slightly better-than-expected durable goods orders and recovery in benchmark Treasury yields. However, the overarching direction of the greenback for the near term remains uncertain, largely dependent on shifting risk sentiments. Current stock futures are showing mixed opening, leaving investors watching closely to see how these dynamics unfold throughout the trading day.
As US session gets underway, Yen and Dollar remain the weakest links in the currency markets, reflecting a broader trend of risk appetite among investors. All eyes are now on whether the US stock market can extend its record-setting run. In particular, there is anticipation that NASDAQ could catch up and achieve a new historical high. Meanwhile, there's prospect for Yen and Dollar to swap their positions before the week closes, contingent upon extended retreat US treasury yields.