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The headline German Ifo business climate index came in at 99.6 in March, stronger than last month’s 98.5 and surpassed the consensus estimates pointing to 98.7. Meanwhile, the current economic assessment bettered estimates, arriving at 103.8 points in the reported month as compared to last month’s 103.4 and 102.9 anticipated.

The Ifo Expectations Index – indicating firms’ projections for the next six months beat markets expectations by a big margin, arriving at 95.6 for March versus expectations of 94.0 and 93.8 recorded in February.

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).