FX.co ★ Fundamental Analysis For February 23, 2012

Although from the European Commission have been planted gloomy forecasts about the future that awaits many countries of the old continent this year, the euro reached its annual maximum in the beginning of the session.

The occasion is the publication of the German IFO survey, which gathers more than 7000 executives on the business climate in that country, which in turn turns into an index. This value was 109.7 points today, above expectations, and the highest since last July.

This demonstrates the radically different picture presented by members of the eurozone. While Germany is doing better and better, and soon will affect the exchange rate of the euro, countries that follow in economic power began to falter and suffer cuts ratings on their debt, high unemployment rates, bewilderment. And the European periphery is the most suffering, with Greece as a prime example: 5 years of recession, a default disguised in euphemisms and money last minute, and a host of difficulties facing most basic expenses.

But Germany alone is able to support a currency that was responsible for design, build and operate, and that is what you see at these times. Beyond that, as mentioned several times in recent days, the euro has more to lose than to win in the near future, the strength of the first European power is reflected in movements like today.

The rest of the euro currency has followed a more attenuated. The franc, mirror of the single currency was the biggest beneficiary, with the highest since Nov. 14 so far. British pound also managed to take hold above 1.57, and yen positions seems to recover very slowly after the sharp decline in recent days.

The currencies linked to commodities also followed the upward trend, with the Canadian dollar once again breaking the deadlock before the dollar and the Australian aussie following an ounce of gold, which again is very strong, looking for $ 1800 .

Thursday's U.S. session will bring important as data requests per week of unemployment, at 8:30 Eastern, and oil inventories at 10:30.