Euro rose in the foreign exchange session in London, as the results of German Ifo survey were released. At the beginning of Friday (European time), the euro was traded at 1.3190, and even temporarily reached 1.3260, and then got settled at the level of 1.3240, when the survey data was released.
As a result of the survey, traders could observe, that the index of expectations has been rising for three months in a row. And although these are not results of growth or any positive incline, these results of the survey indicate that the real economy is starting to be less pessimistic.
Index of the euro versus the British pound also changed wave-like, as the information about the survey was released in the morning on Friday. It was also caused by the fact that information about the British economy showed that it is in a worse condition than it was expected.
The Chancellor of the United Kingdom is planning growth in the UK budgets, which will next year recover to the level of 1.25%, and most likely, as forecast for 2011, to the level of 3.25%.
One big factor, influencing the British markets now is if the government of the United Kingdom will be able to unload the humongous increase in the supply of gold.