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German IFO Business Climate Index advances to 88.6 in July vs. 89 expected

  • German IFO Business Climate Index undermines expectations with 88.6 in July.
  • EUR/USD holds minor bids near 1.1700 after German sentiment data.

The headline German IFO Business Climate Index rose to 88.6 in July from 88.4 in June. The data came in below the market consensus of 89.

Meanwhile, the Current Economic Assessment Index improved to 86.5 during the same period from 86.2 in June but missed the estimates of 86.7.

The IFO Expectations Index, which indicates firms’ projections for the next six months, steadied at 90.7 in July versus 91.1 expected.

Market reaction to the German IFO Survey

Eurozone M3 Money Supply (3m): 3.7% (June) vs previous 3.8%

Eurozone M3 Money Supply (3m): 3.7% (June) vs previous 3.8%
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USD/CHF eases from 0.7965 intra-day highs as US Dollar’s recovery loses momentum

The US Dollar's recovery from multi-week lows against the Swiss Franc, at 0.7910, has failed to gain significant acceptance above 0.7965 and pulled back in the early European market session, leaving the pair practically unchanged in the daily chart.The Grenback rallied on Thursday after US business
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