The data IFO for business climate in Germany rose for the fourth consecutive month in May, rising to 99.2 from 96.8 in April, exceeding the 98.2 expected by the market. This is the highest figure recorded by the indicator since April 2019, when it obtained the same score.
The current IFO valuation rises for the fourth consecutive month, standing at 95.7 compared to the previous 94.1, improving the 95.5 predicted by the experts. This is the best reading on record since February 2020, just before the outbreak of the pandemic in Europe.
The index IFO expectations jumped higher to 102.9 points from the previous 99.2, improving the estimated 101.4. This is the best result seen since February 2018.
EUR / USD reaction
EUR / USD continues to gain ground this Tuesday. The pair has risen around 50 pips so far this day, rising from the daily low of the Asian open at 1.2211 to new 4+ month highs at 1.2262. Specifically, this is the highest level seen since last January 8, when it reached 1.2284.
At time of writing, the pair is trading above 1.2257, gaining 0.35% daily.
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