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The headline German Ifo business climate index came in at 102.0 in November, weaker than last month’s 102.8 and missed the consensus estimates pointing to 102.3. Meanwhile, the current economic assessment bettered estimates, arriving at  105.4 points in the reported month as compared to last month’s 105.9 and 105.3 anticipated.

The Ifo Expectations Index – indicating firms’ projections for the next six months disappointed markets expectations by a big margin, arriving at 98.7 for November versus expectations of 99.2 and 99.8 recorded in October.

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.

The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish).