FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The euro rallied more than 100 pips after the open, further supported by an upbeat German IFO survey and weakness in the US dollar.
The headline IFO Business Climate Index came in at 108 points during the seventh month of the year, above the 107.4 booked in June. The euro accelerated pace and traded 1.20% higher to $1.1101 after the German data, hitting fresh 2-week highs.
The IFO business climate improved from 107.4 to 108.0, while the IFO expectations gauge ticked higher to 102.4 from 102.0 previously. Meanwhile, the IFO current assessment gauge ticked up to 113.9 from 113.1 the previous month.
The German Dax was seen more than 1% lower in the European session as the single currency soared, cutting the value of German exports.
The stronger single currency tends to be stocks negative, and so dragged European indices lower at the market open.
