Euro Finds Little Support from Germany’s First Steps towards a Stimulus Exit, Rising Business Confidence

The group said the change is in response to “improved funding conditions.”  This is not a definitive move for an extensive exit strategy; but it nonetheless suggests the government is confident enough to take the first steps. In other news, the German IFO business sentiment survey showed a pickup in sentiment through September – though it was a smaller increase than the official consensus was calling for. Nonetheless, the headline reading rose to a one-year high of 91.3 while the expectations component rose a ninth consecutive month. More importantly, even the lagging current conditions data saw its fourth increase.