German business confidence fell for the first time in four months

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Monday, Oct 26 2015

German business confidence fell for the first time in four months in October, signaling that a slowdown in global demand is taking its toll on Europe’s largest economy.The Ifo institute’s business climate index declined to 108.2 from 108.5 in September. The median estimate was expecting a drop to 107.8.

European Central Bank President Mario Draghi on Thursday all but promised further stimulus in December as weakening growth in emerging markets, cheap oil and a stronger euro threaten to push down prices and hamper the region’s recovery. While Germany’s export-oriented economy is vulnerable to these risks, it has benefited from solid consumer demand fueled by record-low unemployment so far.

Euro is currently being trade around 1.1030 handle. Pair is likely to find support around 1.10 level and resistance above 1.1070 area. Later today, in the US session, New Home Sales figures are scheduled for a release.

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