German IFO Business Climate Index advances to 88.6 in July vs. 89 expected

• German IFO Business Climate Index undermines expectations with 88.6 in July.
• EUR/USD holds minor bids near 1.1700 after German sentiment data.

The headline German IFO Business Climate Index rose to 88.6 in July from 88.4 in June. The data came in below the market consensus of 89.

Meanwhile, the Current Economic Assessment Index improved to 86.5 during the same period from 86.2 in June but missed the estimates of 86.7.

The IFO Expectations Index, which indicates firms’ projections for the next six months, steadied at 90.7 in July versus 91.1 expected.

Market reaction to the German IFO Survey