EUR: weaker German Ifo index
German Ifo Business Climate index declined this month from 105.9 to 104.7 falling for the 5th month in a row. Together with rather weak PMIs released in the region on Monday it increased concerns about the economic activity in the euro area.
Analysts at ING believe that today’s release shows that German economy is “dangerously close to falling into a longer-lasting almost-stagnation”.
The specialists believe that weaker Ifo should hush German protests against the latest asset purchasing program announced by the ECB.
EUR/USD is testing support at $1.2830.