Weak German IFO sends euro packing

EURO COMMENTARY

The euro was holding up against the dollar last week, until weak German data derailed the currency, says Matthew Clements, economist at Prebon Yamane in London

Euro/dollar successfully held the 0.90 level up until early Friday last week, but broke below this after the release of a very weak German IFO business index -- a closely watched barometer of German business sentiment -- for September. In the US, figures continue to be distorted by the September 11 events although underlying fundamenta