Ifo Institute released a new set of survey data today at 9:00 am BST. Data turned out to be a disappointment. Headline Business Climate index dropped from 91.7 to 88.4 while market expected a drop to 90.8. This was driven by slump in Expectations subindex, which plunged from 88.6 to 83.6 (exp. 88.1). On the other hand, Current Conditions index surprised slightly to the upside, dropping to just 93.7.
Ifo Institute economists noted that demand for the industry is weak and order backlog is declining. Industry export expectations have dropped as monetary policy tightening around the world dampened demand.
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- Business Climate: 88.4 vs 90.8 expected (91.7 previously)
- Expectations: 83.6 vs 88.1 expected (88.6 previously)
- Current Conditions: 93.7 vs 93.5 expected (94.8 previously)
EUR and European indices took a hit following the release. DE30 dropped around 0.2% while EURUSD dropped 0.1% and moved below 1.09 mark.
Source: xStation5
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