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German Business Climate rose to 108.7

Friday, Jun 24 2016
German business sentiment unexpectedly improved in June as companies shrugged off the risk of Britons voting to leave the European Union. The Munich-based Ifo institute’s business climate index rose to 108.7 from a revised 107.8 in May. That’s the highest level since December. The median estimate in a Bloomberg survey of economists was for a decline to 107.4. The U.K. voted to quit the 28-nation bloc, with final results published Friday showing 52 percent of the electorate was in favor of an exit.
Even though Europe’s largest economy counts the U.K. as the third-biggest destination for its exports, more than 60 percent of German manufacturers surveyed by Ifo said they don’t expect a Brexit would have any impact on their business. A poll by Markit Economics published Thursday showed manufacturers and service providers in Europe’s largest economy were unfazed about the outcome of Britain’s referendum.
 
Euro is currently being traded few points below 1.11 level. Pair is likely to find support around 1.10 handle and resistance above 1.12 level. 
More in this category: « UK votes to leave European Union Durable Goods Orders unexpectedly fell in May »

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