EURUSD low

The EURUSD is lower this morning despite the better IFO data out of Germany this morning. The IFO Business Climate index came in at 85.9 vs expectations of 85.0 and up from 84.2. However, the pair was still pressured. There was a report that Germany’s budget shortfall might be larger than expectations (up to 100 Billion EUROS). The World Bank also accounced that global growth will shrink by -2.9% for 2009 vs their estimate of -1.7% in March. They also suggested that money would continue to flow out of the emerging countries. This would normally benefit the US dollar. Finally, this week the ECB has its annual funding operations.