Germany’s ifo Business Climate Index rose in October as expectations improved, but a weaker assessment of current conditions tempered the gain, offering a mixed picture of business sentiment in Europe’s largest economy.
The ifo Institute said its index reached 90.2 points, up from 89.9 in September. The reading was above the 90.0-point forecast in a Reuters poll, Reuters reported. FXStreet reported that the expectations measure increased to 91.6 points from 90.4, while the current-conditions measure fell to 88.8 from 89.5.
FXStreet reported that EUR/GBP was testing 0.8400 at 5:44 a.m. ET (09:44 UTC) Monday, Oct. 26, after recovering about 0.3% from a Friday low near 0.8360.
The institute surveys roughly 9,000 firms each month across manufacturing, services, construction, wholesale and retail. Respondents assess current conditions and their outlook for the next six months. The next index release is scheduled for Nov. 24.