German Final IFO Business Climate Index misses estimates with 86.1 in March, EUR/USD off highs
|- German final IFO Business Climate Index came in at 86.1 in March.
- IFO Current Economic Assessment stood at 93.0 this month.
- March German IFO Expectations Index arrived at 79.7.
The German IFO Business Climate Index revision came in at 86.1 in March, weaker than the preliminary data of 87.7 while missing the consensus estimates pointing to a reading of 87.7.
Meanwhile, the Current Economic Assessment arrived at 93.0 points in the reported month as compared to the last reading of 93.8 and 93.6 anticipated.
On the other hand, the IFO Expectations Index – indicating firms’ projections for the next six months, came in at 79.7 for March, up from the first estimate of 82.0 and missed market expectations of 81.9.
The IFO said that the economy German economy is in shock right now, adding that the fall in the business climate is the steepest ever recorded.
Companies’ expectations, in particular, have darkened as never seen before, the institute noted.
EUR/USD reaction
On the downbeat data, EUR/USD ticked a few pips lower from daily tops to trade near 1.1830 region, still up 0.40% on the day.
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