- Carsten Brzeski, ING
German business sentiment rose more than expected in September, reaching the highest level in more than two years despite the economic uncertainty caused by Britain's vote to leave the European Union, survey results from the Munich-based Ifo Institute showed on Monday. The Ifo Business Climate Index jumped to 109.5 on a monthly seasonally adjusted basis in September, while market analysts expected the Index to come in at 106.3 in the reported month. Meanwhile, the preceding month's reading was revised up to 106.3 from the originally reported 106.2 points. According to the Ifo's sub-survey, the Current Assessment Index, which measures current conditions in the Euro zone's largest economy, came in at 114.7 in September, following the previous month's 112.9 points and surpassing the 113.0 market forecast. Furthermore, the Business Expectations Index, indicating companies' outlook for the next six months, increased to 104.5 month-over-month in September from August's 100.1, compared to analysts' projections for a reading of 100.2 points.
After the release, the Euro rose against the Greenback and British Pound, trading at $1.1240 and £0.8690, respectively.
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