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EUR/USD drops towards 1.2150 as German IFO Business Climate Index misses estimates with 90.1 in Jan
The headline German IFO Business Climate Index drops sharply to 90.1 in January versus last month's 92.2, missing the consensus estimates of 91.8 by a big margin. Meanwhile, the Current Economic Assessment arrived at 89.2 points in the reported month as compared to last month's 91.3 and 90.6 anticipated. EUR/USD drops towards 1.2150 as German IFO Business Climate Index misses estimates with 90.1 in Jan The headline IFO business climate index was rebased and recalibrated in April after the IFO research Institute changed series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series ... (full story)
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German IFO’s Economist: Economy to stagnate in Q1 2021 amid little confidence
Following the release of the final German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that the economy is starting the new year with little confidence. Additional quotes • “We expect GDP stagnation in Q1.” • “Industry continues to be well-positioned, wants to make more, export expectations have risen.“ • “Retail has collapsed.” • “Many service providers are also affected by lockdown, including transport and logistics.”
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German business morale slumps on second virus wave
German business morale fell by more than expected in January as a second wave of COVID-19 has brought to a halt a recovery in Europe’s largest economy, a survey showed on Monday. The Ifo institute said its business climate index fell to 90.1 from an upwardly revised reading of 92.2 in December. A Reuters poll had pointed to a January reading of 91.8. “The second Corona wave has temporarily ended the recovery of the German economy,” Ifo President Clemens Fuest said in a statement.
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ifo Business Climate Index Falls
Sentiment among German managers has deteriorated. The ifo Business Climate Index fell from 92.2 points (seasonally adjusted) in December to 90.1 points in January. Companies assessed their current situation as worse than last month. Their expectations were also more pessimistic. The second wave of coronavirus has brought the recovery of the German economy to a halt for now. After eight consecutive rises, the index fell this month in manufacturing. This was due to notably less optimistic expectations among manufacturing companies. In contrast, assessments of the current situation were considerably better. Capacity ... (full story)
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