German IFO Business Climate Index drops to 94.3 in August, EUR/USD keeps 1.1100
- German IFO Business Climate Index came in at 94.3 in August.
- German IFO Current Economic Assessment stood at 97.3 in August.
- German IFO Expectations Index arrived at 91.3 in August.
The headline German IFO Business Climate Index came in at 94.3 in August, weaker than last month's 95.7 and missing the consensus estimates pointing to a reading of 95.1.
Meanwhile, the Current Economic Assessment arrived at 97.3 points in the reported month as compared to last month's 99.4 and 98.6 anticipated.
On the other hand, the IFO Expectations Index – indicating firms’ projections for the next six months, came in at 91.3 for August, down from previous month’s 92.2 reading and missed market expectations of 91.5.
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.
The downbeat IFO numbers served had virtually no impact on the Euro, leaving EUR/USD meandering near daily lows of 1.1116, as trade tensions dominate.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
