German Business Morale Rises in November

German business morale rose far more than forecast in November, reaching its highest level since April 2012, in a sign that Europe’s largest economy is steadily recovering after a weak start to the year.

The Munich-based Ifo think tank said on Friday its business climate index, based on a monthly survey of some 7,000 firms, rose to 109.3, beating the consensus forecast for a rise to 107.7 and surpassing even the highest estimate for a reading of 108.5. The November figure compared with a reading of 107.4 in October.

The euro rose and German Bund futures extended losses after the index was published.

via <a href=”http://www.reuters.com/article/2013/11/22/us-germany-economy-ifo-idUSBRE9AL0B120131122?feedType=RSS&feedName=businessNews”>Reuters</a>

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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