The Germany business climate index published by the IFO Institute has fallen one tenth in October, falling to 84.3 from 84.4 points in September (revised upward from 84.3), its lowest level in 29 months. The result, in any case, improves the 83.3 points estimated by the market consensus.
Valuation IFO has fallen to 94.1 from 94.5, the lowest level recorded in 19 months, since March 2021. The figure is above the 92.4 point estimate.
Finally, the IFO of expectations has improved from 75.3 points in September (revised figure from 75.2) to 75.6 in October, exceeding the 75 expected.
EUR/USD reaction
The EUR/USD It has risen about 20 pips after the data, rising to the 0.9872 zone. Earlier in the early European session, the pair had hit a daily low at 0.9852. At time of writing, the euro is trading against the dollar above 0.9873, losing 0.02% on the day.
Source: Fx Street
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