German IFO Business Climate Index beats estimates with 92.4 in Feb, EUR/USD regains 1.21

• German IFO Business Climate Index came in at 92.4 in February.
• IFO Current Economic Assessment stood at 90.6 this month.
• February German IFO Expectations Index arrived at 94.2.

The headline German IFO Business Climate Index jumps sharply to 92.4 in February versus last month's 90.3, beating the consensus estimates of 90.5 by a big margin.

Meanwhile, the Current Economic Assessment arrived at 90.6 points in the reported month as compared to last month's 89.2 and 88.9 anticipated.

On the other hand, the IFO Expectations Index – indicating firms’ projections for the next six months, climbed to 94.2 in February from the previous month’s 91.5 reading and better than the market expectations of 91.8.

Market reaction

EUR/USD keeps its range around 1.2100 on upbeat German IFO data, recovering a brief dip to 1.2091. The spot is down 0.15% on the day.

About German IFO

The headline IFO business climate index was rebased and recalibrated in April after the IFO research Institute changed series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.