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German IFO Survey Falls for First Time in 5 Months

German IFO Survey Falls for First Time in 5 Months

David Maycotte,

Talking Points:

  • German IFO Business Climate 110.7 in March vs 110.9 Estimates
  • Euro Rises Little-Changed Against US Dollar Despite Worse-than-Expected Data
  • Focus Shifts to Germany’s Flash March CPI Release Due Later This Week

Germany’s IFO survey of business confidence showed sentiment fell for the first time after a five-month consecutive rise. The headline Business Confidence gauge missed expectations calling for a print of 110.9, and reported at 110.7 in March (one month low). The Euro dipped on the worse-than-expected survey numbers, but quickly recovered to familiar overnight ranges. DailyFX Strategist Ilya Spivak says limited follow-through is a result of the outcome’s limited implications for near-term monetary policy. Moreover, Mario Draghi may decide to wait for the outcome of the Asset Quality Review (AQR) before making a policy move. Despite Euro’s resilience to a low-inflation environment traders may look to Friday’s preliminary set of Germany’s March Inflation data for further volatility.

EUR/USD 1-Minute Chart. March 25, 2014

German-IFO-Survey-Falls-for-First-Time-in-5-Months_body_Picture_1.png, German IFO Survey Falls for First Time in 5 Months

Charted created by David Maycotte using Marketscope 2.0.

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-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to

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