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German Business Confidence fell more than expected

Tuesday, Feb 23 2016
German business confidence fell for a third month in a sign that companies in Europe’s largest economy are growing more concerned as slowing global growth roils financial markets. The Ifo institute’s business climate index dropped to 105.7 in February from 107.3 in January. The median estimate of economists was for a decline to 107.0.
 China’s cooling economy is weighing on global trade and hurting German exporters, with a report Tuesday showing net trade dragged on economic growth last quarter. The concern is whether that feeds through into the domestic economy, which has so far been supported by record-low unemployment and rising wages.
 
Euro is currently being traded few points above 1.10 level. Pair is likely to find support around 1.0950 handle and resistance above 1.1080 level. Later today, in the US session, Consumer Confidence and Existing Home Sales figures are scheduled for a release.
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