• German IFO Business Climate Index came in above market consensus in March.
• EUR/USD continues to fluctuate in daily range at around 1.0750.

The headline German IFO Business Climate Index rose to 93.3 in March versus the previous reading of 91.1 and the forecast of 90.9.

Meanwhile, the Current Economic Assessment Index edged higher to 95.4 from 93.9 and surpassed the market expectation of 94.1.

Finally, the IFO Expectations Index – indicating firms’ projections for the next six months, improved to 91.2 to in March from the previous month’s 88.4 and against the estimates of 88.0.

Market reaction

EUR/USD pair showed no immediate reaction to these figures and was last seen trading at 1.0760, where it was virtually unchanged on a daily basis.