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German Ifo Business Climate rose to 108.5 points

Thursday, Sep 24 2015
The Ifo Business Climate Index for German industry and trade rose in September to 108.5 from 108.4 points (seasonally revised) last month. Analysts were expecting decline to 107.8. Companies assessed their current business situation slightly less favourably than in August. However, they expressed greater optimism about future business developments. The German economy is proving robust. In manufacturing the business climate continued to deteriorate slightly. Manufacturers scaled back their very good assessments of the current business situation, but were nevertheless more optimistic about short-term business developments. More companies plan to ramp up production in the months ahead.
 
The business climate brightened in trade. Wholesalers were more satisfied with their current business situation. Their optimism about the business outlook, by contrast, waned slightly. In retailing, assessments of the current business situation improved clearly for the third month in succession. The outlook for the months ahead also continued to brighten. In construction, the business climate turned positive for the first time since January 2014. Contractors assessed both their current business situation and their business expectations far more favourably than in August.
 
Separate report on Targated LTRO sees €15.548bn taken up against around €70bn expected. After the data euro was pushed higher and is currently being traded around 1.12 handle. Pair is likely to find support around 1.1150 area and resistance above 1.12 level. Later today, in the US session, Durable Goods Orders, Unemployment Claims and New Home Sales figures are scheduled for a release.
 
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