German IFO Expectations Index jumps to 102.9 in May vs. 101.4 expected, EUR/USD uninspired
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- German IFO Business Climate Index came in at 99.2 in May.
- IFO Current Economic Assessment rose to 95.7 this month.
- May German IFO Expectations Index arrived at 102.9.
The headline German IFO Business Climate Index rose to 99.2 May versus last month's 96.8, beating the consensus estimates of 98.2.
Meanwhile, the Current Economic Assessment arrived at 95.7 points in the reported month as compared to last month's 94.1 and 95.5 anticipated.
The IFO Expectations Index – indicating firms’ projections for the next six months, improved firmly to 102.9 in May from the previous month’s 99.5 reading and better than the market expectations of 101.4.
Market reaction
EUR/USD is off the four-month highs of 1.2262 despite the upbeat German IFO data, as the US dollar stalls its declines across the board.
The spot was last seen trading at 1.2254, still up 0.33% on a daily basis.
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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