German IFO Business Climate worsens to 97.7 in Oct vs. 97.9 expected
|- German IFO Business Climate Index came in at 97.7 in October.
- IFO Current Economic Assessment rose to 100.1 this month.
- October German IFO Expectations Index arrived at 95.4, a miss.
The headline German IFO Business Climate Index dropped further to 97.7 in October versus last month's 98.9 and the consensus estimates of 97.9.
Meanwhile, the Current Economic Assessment arrived at 100.1 points in the reported month as compared to last month's 100.4 and 99.4 anticipated.
The IFO Expectations Index – indicating firms’ projections for the next six months, fell to 95.4 in October from the previous month’s 97.4 reading and worse than the market expectations of 96.4.
Market reaction
EUR/USD remains unfazed by the mixed German IFO survey, keeping its range just above 1.1650.
At the time of writing, the spot is up 0.10% on the day, trading at 1.1660.
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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