EURUSD, 1 hr
German April IFO reading fell to 106.6 from 106.7, slightly weaker than our below consensus forecast for a rise to 106.8, but with the breakdown revealing that the overall number was held back by a sharp decline in the current conditions indicator. The future expectations reading meanwhile improved for a second consecutive month to 100.4 from 100 in March. So the weaker than expected number serves as a confirmation that overall economic growth is slowing down in the second quarter, but still signals a stabilisation and slight improvement ahead. The diffusion index showed improvements in manufacturing and construction sentiment, while readings for wholesale and retail trade dipped, after improving in March. The variation may also reflect the early timing of Easter this year, however, so it remains to be seen whether sentiment in these sectors stabilises again in May.
EURUSD rather unmoved on the news and trading a little higher at 1.1256 on up from overnight lows of 1.1225.
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Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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