An unexpected fall in German business confidence according to the IFO institute. Business climate fell to 109.8 points. The Business Expectations figure dropped to 103.2 and only the Current Assessment measure came out within expectations at 116.9 points. All in all, we see the worries about the future but no change in the current situation.
EUR/USD seems to ignore the data. The weakness of the US dollar may be stronger and the common currency seems unfazed.
Germany’s IFO Business Climate measure was expected to continue advancing, increasing to 111.3 in January after 111 in December. The Business Expectations measure carried expectations for a rise from 105.6 to 105.8 and the Current Assessment figure was projected to edge up from 116.6 to 116.9 points.
EUR/USD was trading lower within the high range. The Trump Slump saw some consolidation. Initially, Trump’s first actions in office sent the dollar down, as they included measures to block trade rather than build new infrastructure.
Trump is expected to present measures related to national security today. Markets are unlikely to like it.
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