RBS also "forecast a decline in the IFO headline index" but lower than market "to 104.5 in July from 105.3 in June." According to a preview report published recently, RBS "forecast includes a decline for the expectations index from 97.3 to 96.5 and a decline in the
current conditions index from 113.9 to 113.0."
"The ZEW expectations index declined significantly last week," continue the RBS European Economics. "Furthermore, the 3 months moving average of the forward looking IFO export expectations index declined somewhat in June weighing negatively on our forecast."