Germany’s business-climate index rose in October as firms became more optimistic about the coming months, but a decline in current assessments left the survey with a mixed signal for Europe’s largest economy.
The ifo Institute’s Business Climate Index reached 90.2 points, up from 89.9 in September, according to figures Reuters reported from the institute’s survey. The expectations component advanced to 91.6 from 90.4, while the measure of current conditions slipped to 88.8 from 89.5.
Published expectations varied: FXStreet listed a forecast of 89.8, Reuters reported an analyst poll at 90.0, and Dow Jones Newswires gave 90.1. Each estimate was below October’s result, but the figures were separate forecasts rather than a shared market consensus.
The monthly survey includes about 9,000 businesses in manufacturing, services, construction, wholesale and retail. Participants report on current conditions and their outlook for the following six months.
FXStreet reported EUR/CAD near C$1.5710 during European trading Monday. It said the pair pulled back after opening with an upward gap but remained higher for the session.
The outlet also cited lower crude prices as a source of pressure on the Canadian dollar. Anadolu Ajansi separately reported that December Brent futures fell 1.78% to $109.68 a barrel from $111.70, while December WTI declined 2.2% to $101.02 from $103.23, at 2:30 a.m. ET (06:30 GMT) Monday.
The pair has featured in earlier EconoTimes coverage, including the euro’s Oct. 21 position against the Canadian dollar.
The Bank of Canada’s next overnight-rate announcement is scheduled for Oct. 28 at 9:45 a.m. ET, alongside its quarterly Monetary Policy Report.
