Domestic commodity prices
MARKET activity was buoyant in the euro/dollar futures and contracts for difference (CFDs) on Monday. Investors digested the Germany’s Ifo business climate index report, which showed that German business sentiment improved this month, indicating that the downturn in the euro zone’s largest economy may be ending. The Ifo reading offset to some extent ongoing expectations for the European Central Bank to loosen policy in the near future. Meanwhile, the dollar inched lower after Markit’s flash US service sector purchasing managers index came in below expectations. The index has now pointed to softer growth of business activity in each of the past five months. A soft dollar lent support to gold, which climbed back above $1 195 an ounce.