Germany business confidence rebounds from 8-month low

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: November 20, 2024

The Ifo Business Climate gauge for Germany has risen for the first time in six months in October, data by the Ifo Institute showed.

The index came in at a reading of 86.5 in October, up from 85.4 in September. The latter has been the gauge’s lowest level since January.

The latest reading also exceeded market consensus of 85.6.

The sub-index of business expectations rose to a level of 87.3 in October from 86.3 in September.

At the same time, the sub-index of current conditions went up to 85.7 in October from 84.4 in September.

“Expectations were brighter but marked by skepticism. The German economy stopped the decline for the time being,” Ifo President Clemens Fuest commented.

The EUR/USD currency pair settled 0.31% lower at 1.0794 on Friday. For the week, the major currency pair went down 0.66%.

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