Germany Very Optimistic on Economic Outlook

German business confidence unexpectedly rose to a record high in October after falling for two months in a row, a survey showed on Wednesday, suggesting that Europe’s largest economy had started the fourth quarter on a solid footing.The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 116.7 from an upwardly revised reading of 115.3 in September. The reading was higher than a Reuters consensus forecast for a value of 115.2.“Companies are very optimistic about the months ahead. They also upwardly revised their very favorable assessments of the current business situation,” Ifo chief Clemens Fuest said in a statement. “Germany’s economy is powering ahead.”

Source: German Ifo business morale rises to all-time high in October – Reuters

The Aussie Dollar Plummets

There is a lot to digest

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.