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German Ifo Business Climate at the highest level since 2014

Monday, Sep 26 2016

German business sentiment surged to the highest level in more than two years in September in a sign that corporate concerns are easing over the economic outlook and the consequences of Britain’s decision to leave the European Union, a report from the Munich-based Ifo institute showed on Monday. Germany’s business climate index rose to 109.5 from a revised 106.3. That’s the highest since May 2014. Economists predicted a figure of 106.3. Gauges for current conditions rose to 114.7, and expectations increased to 104.5.

The figures come after the Bundesbank last week toned down its outlook for the German economy, saying it expected growth to slow in the third quarter. A composite Purchasing Managers Index published Friday dropped to a 16-month low, with the services sector almost stagnating. European Central Bank President Mario Draghi, who will visit the German parliament on Wednesday, has signaled that the country should use its “fiscal space” for stimulus.

 

Euro is currently being traded around 1.1230 handle. Pair is likely to find support around 1.12 area and resistance above 1.1280 level.

More in this category: « German Services PMI edges towards stagnation UK mortgage borrowing growing at the slower pace »

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