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German Ifo Business Climate missed market expectations

Monday, Feb 23 2015

German Ifo Business Climate Index was up to 106.8 in January, marginally higher than 106.7 in January, but below expectations on incline to 107.4. Satisfaction with the current business situation decreased somewhat, but companies expressed greater confidence in future business developments. The German economy is proving robust in the face of geopolitical uncertainty.

In manufacturing the business climate indicator rose somewhat. In wholesaling the business climate deteriorated marginally. Wholesalers were somewhat less satisfied with their current business situation, but expressed greater optimism about future business developments. In retailing the business climate index edged upwards. Very good assessments of the current business situation were scaled back somewhat, but the outlook continued to improve.In construction the business climate deteriorated slightly, but the index remains at a high level. Contractors were slightly more satisfied with their current business situation, but the six-month business outlook clouded over somewhat. 

 

After the data pair was pushed lower and is currently being traded around 1.1330 level. Pair is likely to find support around 1.1270 and resistance above 1.1380 level. Later today, in the US session, Existing Home Sales figures are scheduled for a release.

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