The Ifo Business Climate Index for German industry and trade rose considerably to 109.0 points in November from 108.2 points in October. No change was expected. Assessments of the current business situation improved. Optimism with a view to future business developments also continued to increase for the third consecutive month. The German economy remains unaffected by growing uncertainty worldwide. Not even the Paris attacks had a negative impact on survey data.
In manufacturing the business climate index rose after a three-month decline. Manufacturers were more satisfied with their current business situation than last month. In wholesaling the business climate index rose to its highest level since January 2014. In construction, the business climate index rose to its highest level since German reunification.
Euro is currently being traded around 1.0650 area. Pair is likely to find support around 1.06 handle and resistance above 1.0670 level. Later today, in the US session, Prelim
GDP and CB Consumer Confidence figures are scheduled for a release.