Having unveiled a fourth consecutive fall in the German Business Confidence Index the previous day, the IFO says, per Reuters, “Supply problems with the preliminary products are now having impact on exports of industry.”

“German export expectations fell to 13 points in October from 20.5 points in September,” adds the IFO.

Fx implications

The news exerts additional downside pressure on the EUR/USD prices, down 0.06% intraday around 1.1600 by the press time. However, risk-on mood challenges the pair sellers.

Read: EUR/USD remains poised to extend losses below 1.1600 amid USD rebound