German Ifo survey surprises to the upside

Source: WBP Online
© Scanpix/FP
Germany is the principal economy of the Euro zone, and the Ifo surveys are usually awaited with great interest. However, the volatility was low before and after today's release. At first the Euro dipped below 1.24, but once the business climate index was published, the losses were quickly erased, with the pair stabilising around 1.241. Although the consensus was a deterioration of the current situation to 103.0 from 103.2, the actual release came at 104.7.
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