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German Business Confidence rose to 108.3

Tuesday, Aug 25 2015
The Ifo Business Climate Index for German industry and trade rose in August to 108.3 points from 108.0 in the previous month. Analysts were expecting decline to 107.6. Satisfaction with the current situation has again increased significantly. However, the companies were somewhat less optimistic regarding future business. The German economy continues to be a rock in turbulent waters. In manufacturing the business climate has deteriorated slightly due to the markedly cautious expectations of industrial companies. However, they are more satisfied with their current business situation. Fewer companies plan to increase production in the coming months.
 
In wholesaling the index has fallen. The very good assessments of the business situation from the previous month were not matched. The expectations, however, are somewhat more optimistic. In retailing, the business climate improved to its highest level since June 2011. The surveyed retailers were very satisfied with their current situation. The outlook for the coming months brightened further. In construction, the index has risen to its highest level since March 2014. The contractors were particularly more satisfied with their current business situation. Their expectations brightened further.
 
Euro is currently being traded few points above 1.1540 level. Pair is likely to find support around 1.15 area and resistance above 1.16 level. Later today, in the US session, Consumer Confidence and New Home Sales figures are scheduled for a release.
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