The index German Business Climate IFO has receded to 90.8 points in March from 98.9 in February, below the expected 94.2. This is the worst result recorded in fourteen months, specifically since January 2021.
The Current Valuation IFO it has also declined, falling to 97 from 98.6 the previous month, although it improves on the estimated 96.5.
The Expectations IFO is the one that has suffered the biggest drop, falling back to 85.1 from previous 98.4 (downward revised figure from 99.2). The result disappoints the 92 expected by the market and stands as the worst figure seen since May 2020, in the midst of the first wave of the coronavirus pandemic.
EUR/USD reaction
The EUR/USD it has reacted with a slight decrease of less than 10 pips that has led it to test around 1.1010. At time of writing, the pair is trading above 1.1012, up 0.14% daily. Earlier in the Asian open, the pair made a daily low near 1.1000, but managed to recover to 1.1037, a two-day high, although it did not maintain momentum.
Source: Fx Street
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