Germany April IFO report 24 April

  • 112.30 prev
  • expectations 105.2 vs 105.9 exp vs 105.7 prev
  • current assessment 121.1 vs 119.2 exp vs 119.3 prev

Better headline but weaker expectations softening the reaction.

IFO says:

  • German economy not being influenced by political uncertainty
  • Brexit not an issue pre-occupying German business at the moment
  • dip in expectations is mainly due to industrial sector, does not signify change in sentiment in overall economy

EURUSD 1.0860 EURGBP 0.8475 EURJPY 119.62 all unfazed by the data.