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German Business Climate down for the first time in seven months

Friday, May 22 2015
German business confidence fell for the first time in seven months in May, signaling some concern over the growth outlook for Europe’s largest economy. The Ifo institute’s business climate index dropped to 108.5 from 108.6 in April. Analysts were anticipating decrease to 8.3 points. The weakness in global trade in early 2015, persistent geopolitical uncertainty, together with heightened volatility on European financial markets, explain the decline in German business sentiment. 
 
The Bundesbank has predicted that German expansion will continue in the coming months as record-low unemployment supports consumer spending. At the same time, risks remain, notably from uncertainty over Greece’s place in the euro-area. One concern is Greece, where the government might run out of cash and precipitate a regional crisis that could hurt German businesses. Negotiations in Riga between the Greek, French and German government leaders ended early Friday morning without any sign of a breakthrough that will unlock bailout funds.
 
After the data euro was pushed slightly lower and is currently being traded around 1.1150 area. Pair is likely to find support around 1.11 handle and resistance above 1.12 area. Later today, in the US session, CPI figures are scheduled for a release.
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