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German Business Confidence unchanged in November

Thursday, Nov 24 2016
German Business Confidence unchanged in November

German business morale was unchanged in November, a survey showed on Thursday, suggesting company executives are still optimistic about the growth prospects for Europe's largest economy despite growing political uncertainties.  The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, was unchanged at 110.4 in November after a slight downward revision to 110.4 from 110.5 previously reported in October.

The November reading compared with a Reuters consensus forecast for a value of 110.5. The October figure was still the highest reading in 2-1/2 years. "Confidence in the German economy continues to be good," Ifo chief Clemens Fuest said, adding companies were once again more satisfied with their current business situation, but somewhat less optimistic regarding the coming months. „The German economy seems to be unfazed by the election of Donald Trump as U.S. president," Fuest added in a statement.

 

Euro is currently being traded around 1.0560 level. Pair is likely to find support around 1.05 handle and resistance above 1.06 area.

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