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German Business Climate rose to 107.7

Wednesday, May 25 2016
German business sentiment improved to the strongest level in five months in May, a sign that growth momentum in Europe’s largest economy remains strong. The Munich-based Ifo institute’s business climate index rose to 107.7 from a revised 106.7 in April. That beat the median estimate in a Bloomberg survey of economists, which was for an increase to 106.9.
“German industry doesn’t seem too concerned about Brexit,” Clemens Fuest, president of the Ifo Institute, said in an interview with Bloomberg Television. “At the same time, we’ve had favorable conditions for some time now -- low euro, low oil prices, low interest rates, and people were waiting for this to feed through in the German economy and it seems it’s coming now.”
 
Euro is currently being traded few points below 1.1150 level. Pair is likely to find support around 1.11 handle and resistance above 1.1180 level. There will be no major data releases later today.
More in this category: « Construction Work Done fell by 2.6% in Q1 Brexit could badly damage global markets »

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