German business morale reached its record-high in July, which contributed to the appreciation of the EUR/USD exchange rate. Right after the better-than-expected data was published, the Euro zone's currency strengthened against the US Dollar by 11 base points to reach 1.1663. The Ifo German Business Climate Index surged to 116.0 points, while analysts' anticipated it to decrease to 114.9 from 115.2 points registered in the preceding month. Overall, sentiment among German businesses remained upbeat and is expected to improve further. Moreover, Germany is set to show strong growth in the Q2 with higher private consumption and construction activity.
| Historical Data Table | |||||
| Date | 27.03.2017 | 24.04.2017 | 23.05.2017 | 26.06.2017 | 25.07.2017 |
| Actual | 112.3 | 112.9 | 114.6 | 115.1 | 116 |
| Forecast | 111.2 | 112.4 | 113.1 | 114.7 | 114.9 |
| Initial Reaction on Main Pairs | |||||
| Open Price | Close Price | % Change | |||
| EUR/USD | 1.1651 | 1.1663 | 0.10% | ||
| EUR/GBP | 0.89459 | 0.89518 | 0.07% | ||
| EUR/CHF | 1.1034 | 1.10377 | 0.03% | ||
| EUR/JPY | 129.562 | 129.692 | 0.10% | ||