EUR/USD: Unfazed below 1.1750 after German IFO Business Climate unexpectedly drops to 98.8 in Sept
|- German IFO Business Climate Index came in at 98.8 in September.
- IFO Current Economic Assessment dropped to 100.4 this month.
- September German IFO Expectations Index arrived at 97.3, a miss.
The headline German IFO Business Climate Index unexpectedly worsened to in September versus last month's 99.4 and the consensus estimates of 100.4.
Meanwhile, the Current Economic Assessment arrived at 100.4 points in the reported month as compared to last month's 101.4 and 100.8 anticipated.
The IFO Expectations Index – indicating firms’ projections for the next six months, dropped to 97.3 in September from the previous month’s 97.5 reading and worse than the market expectations of 100.0.
Market reaction
EUR/USD remains unfazed by the downbeat German IFO survey, keeping its range just below 1.1750 while almost unchanged on the day.
About German IFO
The headline IFO business climate index was rebased and recalibrated in April after the IFO research Institute changed series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.
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