German IFO Business Climate Index rises to 87.3 in November vs. 87.5 expected
- German IFO Business Climate Index rose less than expected in November.
- IFO Current Economic Assessment rose to 89.4 in the reported month.
The headline German IFO Business Climate Index arrived at 87.3 in November, improving from the October print of 86.9 while missing the market consensus of 87.5.
Meanwhile, the Current Economic Assessment Index rose to 89.4 points in the reported month, compared with October’s 89.2 but missed expectations of 89.5.
The IFO Expectations Index – indicating firms’ projections for the next six months, improved to 85.2 in November from 84.8 in the previous month. The market had predicted an 85.7 figure.
IFO Economist said: "Constitutional court ruling on debt brake had no visible effect on the survey."
Market reaction to the German IFO Survey
EUR/USD is shrugging off the downbeat German IFO survey. At the time of writing, the pair is trading at 1.0915, up 0.12% on the day.
About German IFO
The headline IFO business climate index was rebased and recalibrated in April after the IFO Research Institute changed the 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.
(This story was corrected on November 24 at 09:30 GMT to say that IFO Current Economic Assessment rose to 89.4, not worsened)
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.
