Germany’s IFO Business Climate survey of is seen moving further into negative territory having initially printed below the reference 100 level in July. Forecasts call for a reading at 94.3 in September, a fresh 3-year low. Supportive of expectations, Germany’s Purchasing Managers Index for the manufacturing sector fell more than forecast. As we wrote yesterday, “Capital goods including machinery and transportation equipment are the primary exports of the currency bloc’s top economies a decline in manufacturing will weigh heavily on economic growth.” That said, DailyFX Strategist Terri Belkas has pointed out that traders could see an upside surprise considering a better-than-expected reading for September’s ZEW Survey of analyst sentiment.
For a complete listing of this week’s data releases, please see the DailyFX Economic Calendar.