German IFO Business Confidence Falls

German business confidence fell in July to its lowest level in 28 months, according to a closely watched survey.

The Ifo think tank’s index stood at 103.3, down from 105.2 in June, citing a “significant deterioration” in the manufacturing business climate.

It was the third month in a row the Ifo registered a fall in sentiment.

The news comes shortly after the Moody’s rating agency put Germany’s top AAA rating on negative outlook, citing risks from the rest of the eurozone.

The German economy is slowing, but the government said it still expected it to grow by 0.7% this year, at a time when much of the rest of the eurozone is in or near recession.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza