IFO data on business climate and expectations recede in October; EUR / USD falls to day lows

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The German IFO indicator of business climate has fallen to 92.7 points in October from 93.4 in September, worsening the 93 expected by the market.

The current IFO valuation has improved to 90.3 from the 89.2 of the previous month, improving the 89.8 estimated and showing its best result in seven months, specifically since last March.

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He IFO expectations dropped to 95 from September 97.4 (revised from 97.7), and disappoints the 96.5 forecast.

EUR / USD reaction

The EUR / USD, which ended the day on Friday with an intraday high of 1.1864, has lost ground since the beginning of this Monday, pressured by the virulence of the second wave of coronavirus in Europe. The pair has lost close to 50 pips so far this day, falling just after the disappointing IFO data to a daily low of 1.1811.

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Credits: Forex Street

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