- German IFO Business Climate Index came in at 99.4 in August.
- IFO Current Economic Assessment rose to 101.4 this month.
- August German IFO Expectations Index arrived at 97.5, a big miss.
The headline German IFO Business Climate Index worsened to 99.4 in August versus last month's 100.8 and the consensus estimates of 100.4.
Meanwhile, the Current Economic Assessment arrived at 101.4 points in the reported month as compared to last month's 100.4 and 100.8 anticipated.
The IFO Expectations Index – indicating firms’ projections for the next six months, dropped sharply to 97.5 in August from the previous month’s 101.2 reading and worse than the market expectations of 100.0.
Market reaction
EUR/USD remains unperturbed around 1.1740 on mixed German IFO survey. The spot is losing 0.11% on the day.
About German IFO
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 to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.