Trade Desk Thoughts - German Ifo Business Climate

German Ifo Business Climate Actual 92.9, Expected 94.2, Previous 94.8

Release Explanation: The Information und Forschung (Information and Research) report is based on a monthly survey from firms in manufacturing, construction, wholesaling and retailing. The firms are asked to give their assessments of the current business situation and their expectations for the next six months.

Trade Desk Thoughts: The German IFO business climate fell to 92.9, less than the market expected, hitting a three year low. This is the fourth release in a row in which German business expectations have deteriorated, suggesting the economy is facing some hard times ahead.

Forex Technical Reaction: The Euro rose 30 pips at the time of the release. Since the Asian session started, the euro has traded in an 80 pip range, having the neutral pivot point as the upside resistance. At the same time, the euro fell against the British Pound, but gained 20 pips against the Swiss Franc

The LFB-Forex.com