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German Business Climate fell more than expected

Monday, Jan 25 2016
Sentiment among German businesses weakened at the beginning of the year. The Ifo Business Climate Index for German industry and trade fell to just 107.3 points in January from 108.6 points in December. Analysts were predicting smaller decline to 108.5. Assessments of the current business situation were scaled back slightly, but remained very good. Business expectations, by contrast, clouded over significantly. The year started with an unpleasant surprise for the German economy.
 In manufacturing the business climate index fell to a 12-month low. Favourable assessments of the current business situation were only scaled back a little, but business expectations were substantially revised downwards. In wholesaling the business climate index rose, mainly due to far better assessments of the current situation. In construction the business climate index continued to fall markedly, but still remains clearly above its long-term average. 
 
Euro is currently being traded around 1.0830 area. Pair is likely to find support around 1.0750 handle and resistance above 1.0880 level. There will be no major data releases in the rest of the session.
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