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The last major market-moving data of this rather busy week for the euro is the Ifo Business Climate Index.
The expectation is for it to confirm the host of downbeat economic reports we’ve been getting over the last few weeks. The question now seems to be “how bad is it?”
At the start of the week, the Bundesbank announced that Germany had likely slipped into technical recession. In its monthly report, the bank projected a slight economic contraction this quarter.
Bundesbank tried to give a positive interpretation of their conclusion. They argued that it wasn’t a real recession, but with more technical terms.
Still, it’s not likely to support the euro, which might be nearing the end of its rise on Brexit deal optimism over the last couple of weeks.
The Ifo survey is rather similar in function to PMI, and often moves in tandem. However, it surveys CEOs, and sets th...
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