• but not a change in trend
  • geo-political tensions come at same time as slowdown from very good Q1 for German business
  • German domestic business climate still strong but export expectations at lowest level in more than a year
  • influence of Ukraine and Middle East conflicts can not be measured in concrete terms
  • expects German economic growth for 2014 to be as forecast at 2.0% or perhaps slightly lower

IFO’s chief economist in understably cautious mode

EURUSD still experiencing some fall-out down to 1.3444. Currently 1.3448