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German IFO

The only notable data for the European markets comes in the form of the German Final IFO Business Climate. And it is likely to make an impact on the euro!

According to the latest figures, sentiment among German businesses has been deteriorating at an alarming rate. Only last month, we saw the biggest drop since Aug 2009. The index fell from 96.0 to 87.7.

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The slump in business expectations was also the quickest in 70 years of industry surveys, the IFO said. The service sector was also hit hard. In addition, the business climate indicator registered its lowest ever reading.

Right now, the companies surveyed remain pessimistic, with expectations of further weakening due to coronavirus. Therefore, the situation is likely to worsen for the economy as a whole.

Estimated Economic Impact of the COVID-19 Pandemic

The coronavirus crisis could cost the German economy between €255bn and €729bn in 2020, the IFO economic institute said earlier...

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