The indicator IFO business climate in Germany has risen 1.8 points to 86.3 in November compared to 84.5 in October (figure revised up from 84.3), improving the estimated 85 points. This is the best result registered in the last three months.
The IFO of expectations has grown 4.4 points, rising to 80 from the previous 75.6, exceeding the 77 points forecast by the consensus. This is also the best figure seen in three months.
Finally, the IFO current valuation has fallen one point, slipping to 93.1 from the 94.1 of the previous month and disappointing the 93.8 points expected by the market.
The Euro has rallied close to 20 pips on the data, rising towards the 1.0424 zone after the pair hit a daily low of 1.0400 in the hour prior to release. In the Asian session, EUR/USD reached 1.0448, its highest level in 9 days. At time of writing, the pair is trading above 1.0422, gaining 0.19% daily.
Source: Fx Street
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