German IFO for March reveals improved business climate - expectations also rise
This morning's release of the German IFO survey has shown a modest improvement in the business climate, with the index rising from 98.5 to 99.6 against expectations of a 98.7 reading. The IFO institute also notes that the German economy is showing resilience in these tough times, as was highlighted in the much weaker than expected PMIs released last week.
Business expectations are also higher with the index here rising from 93.8 to 95.6, while the current assessment index edges up from 103.4 to 103.8 vs an anticipated dip to 102.9. It is early days to suggest whether this is a turn in the economic fortunes of Germany, though the economy has consistently weathered the storms over the decades.
There was a modest uptick in the EUR with the spot rate trying to push back to 1.1320+ levels. The crosses are relatively mixed, so it seems the USD rate is perhaps the better gauge at the moment.
Comments from the ECB's Coeure expected within the next half hour.