German Ifo Institutes released a new set of business climate indices for March today at 9:00 am BST. Data turned out to be much better than expected. Headline index climbed from 91.1 to 93.3, while a downtick to 91.0 was expected. This was driven by solid beats in both current conditions and expectations subindices. Ifo economists noted that recession in Germany became more unlikely and that proportion of business that want to raise prices has dropped. Around 41% of companies complained about supply bottlenecks in March.
German Ifo Business Climate for March: 93.3 vs 91.0 expected (91.1 previously)
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Current Conditions: 95.4 vs 94.1 expected (93.9 previously)
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Expectations: 91.2 vs 88.3 expected (88.5 previously)
Market reaction to the upbeat Ifo data was fairly muted. DE30 barely saw any move while EURUSD moved around 0.1% higher.
EURUSD ticked higher following release of better-than-expected Ifo data. The main currency pair is testing short-term resistance zone marked with 38.2% retracement of a recent upward impulse. Source: xStation
