Germany IFO Institute issued the latest set of its sentiment indices today at 9:00 am BST. Headline Business Climate index was expected to improve slightly compared to May's reading, driven primarily by improvement in Expectations subindex.
Actual report turned out to be a disappointment, with the headline index unexpectedly dropping from 89.3 to 88.6. Both subindices - Current Conditions and Expectations - came in below markete expectations. Current COnditions index remained unchangd at 88.3 while Expectations subindex unexpectedly dropped from 90.4 to 89.0
EUR was muted at first after the release but then moved slightly lower. European indices ticked higher. Overall, scale of the moves was very small, barely noticeable.
Germany, IFO Business Climate index for June: 88.6 vs 89.7 expected (89.3 previously)
- Current Conditions: 88.3 vs 88.5 expected (88.3 previously)
- Expectations: 89.0 vs 90.7 expected (90.4 previously)
EURUSD ticked lower after German IFO data release but remains within the short-term 1.0710 resistance zone. Source: xStation5
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