German IFO Institute released a set of business indices for December today at 9:00 am GMT. Data was expected to show small improvement in the headline Business Climate index, driven by improvement in Expectations subindex. However, actual report turned out to be much worse than expected. Expectations subindex unexpectedly dropped, while Current Conditions index declined more than expected. This led to a drop in headline index from 87.3 to 86.4 (exp. 87.7).
As the data was clearly weaker than expected, EUR and European indices dropped. However, scale of the move was very small. EURUSD dropped less than 0.1% and is trading near 1.0915 while DE30 moved around 0.1% lower and is trading below 16,900 pts.
Germany, IFO indices for December
- Business Climate: 86.4 vs 87.7 expected (87.3 previously)
- Expectations: 84.3 vs 85.6 expected (85.2 previously)
- Current Conditions: 88.5 vs 89.5 expected (89.4 previously)
EURUSD ticked lower following a disappointing German IFO indices for December. Source: xStation5
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