German IFO Business Climate Index misses estimates with 93.4 in Sept, EUR/USD unfazed

German IFO Business Climate Index came in at 93.4 in September.
IFO Current Economic Assessment stood at 89.2 this month.
September German IFO Expectations Index arrived at 97.7.

Dhwani Mehta FXStreet

The headline German IFO Business Climate Index came in at 93.4 in September, stronger than last month's 92.6 while missing the consensus estimates pointing to a reading of 93.8.

Meanwhile, the Current Economic Assessment arrived at 89.2 points in the reported month as compared to last month's 87.9 and 89.5 anticipated.

On the other hand, the IFO Expectations Index – indicating firms’ projections for the next six months, came in at 97.7 for September, up from the previous month’s 97.5 reading and weaker than the market expectations of 98.0.

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.

Market reaction

EUR/USD keeps its recovery mode intact near 1.1665 on downbeat mixed German IFO data, in light of broad US dollar retracement. The spot is up 0.07% on the day.

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.

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