German IFO Business Climate (APR)
Investor Confidence in Europe’s largest economy reached year-to-date highs, as robust expansion continues to drive sentiment. The Current Assessment index is still short of December’s highs at 115.3, but it remains relatively clear that optimism points to further growth across key business sectors. The Expectations index likewise came in stronger than expected at 104.3 vs 103.5 forecast, while Current Assessment jumped to 113.2 from 112.4. Few further details were available at time of writing, but it is nonetheless clear that this is a decidedly Euro-bullish print.
Whether the EURUSD will continue to gain on the heels of such a report is thus far unclear. The currency pair remains barely moved from pre-release levels, gaining all of five points in the wake of the report.