Germany’s July business confidence lowest since February

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

The Ifo Business Climate gauge for Germany decreased for a third straight month in July, data by the Ifo Institute showed.

The index came in at a reading of 87 in July, down from 88.6 in June. It has been the gauge’s lowest level since February.

The latest reading was also below market consensus of 88.9.

The sub-index of business expectations decreased to a level of 86.9 in July from 88.8 in June.

At the same time, the sub-index of current conditions dropped to 87.1 in July from 88.3 in June.

“The German economy is stuck in the crisis,” Ifo President Clemens Fuest said in a statement.

Business climate deteriorated in manufacturing, trade and construction.

The Euro was last little changed on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0852.

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