German IFO Business Climate collapses to 87.7 in preliminary read for March
|Germany's IFO Business Climate has dropped to 87.7 points in March, down from 96.1 beforehand. This is the preliminary read. The Expectations are at 82 and the Current Assessment to 93.8 points. The coronavirus crisis is taking its toll on confidence.
EUR/USD pressured around 1.0850. The US dollar is in high demand across the board. Liquidity has been injected by central banks, inclduing a massive move by the European Central Bank, which announced €750 billion in additional bond buying, in a late night decision.
German Chancellor made a rare address to the nation on Wednesday, warning of the hardship to come.
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