German IFO index falls to 87- EUR/USD yet to move

The German July IFO business climate index has just been released. The markets were expecting a very slight improvement in the reading. However, that is not what we just got. The index fell to 87, where a modest rise to around 89 was forecast. Ahead of this data the DAX had opened markedly lower and extended the falls to a low underneath 18,150. The EUR/USD was back above that 1.0840 mark again though and still holding ground above the noted important cluster of moving averages, in place closer to the 1.0800 handle. Those were covered here earlier this morning. The reaction to the IFO data has seen the Euro not exactly slide on news. If you are surprised then you are not alone. Perhaps this data is going to play second fiddle to the wider dynamic anyway? That said, in terms of the Euro it is surely not anything to get excited about. The EUR/USD is currently trading at 1.0852, but the DAX seems unimpressed, even if the Euro is right now