German Ifo Institute released a new set of its indices today at 9:00 am BST. The headline business climate index dropped from 87.3 to 85.7 in August - a deeper drop than 86.8 expected. Drop in headline index was driven by weaker-than-expected reading of both Current Conditions and Expectations subindices.
German IFO indices for August
- Business Climate: 85.7 vs 86.8 expected (87.3 previously)
- Current conditions: 89.0 vs 90.0 expected (91.3 previously)
- Expectations: 82.6 vs 83.7 expected (83.5 previously)
EUR dropped before the data was released on reports saying that there is a growing momentum among ECB members for a pause in rate hikes. A disappointing IFO report triggered another wave of selling with EURUSD dropping below the 1.0770 mark. However, the drop was later recovered and now the main currency pair is trading little changed compared to pre-release levels. German DE30 gained following the release.
Source: xStation5
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