Analysts at TD Securities are looking for downside risks in the German IFO report, with the Current Assessment Index falling 0.8pts to 103.0 (mkt: 103.5) while the Expectations Index remains unchanged at 95.6 (mkt: 96.1).

“Last week's survey data (ZEW, PMI) suggest that March was the trough for activity in the sector, but gains were relatively muted and the data is unlikely to show a more sustained improvement until next month.”