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German IFO index matches estimates- DAX pausing for breath

The latest German IFO business climate index has just been released and it has offered no surprises. The index pretty much matched the previous readings and what was expected on this occasion. The EUR/USD was edging a bit lower into this data and it has not reacted positively to it yet. The DAX is a little lower right now too. The index resumed live trade earlier this morning, at a record opening level of 17,372. It has not yet traded above 17,400 (17,383 the high so far), but at the same time, it has given back very little ground. I guess this price action could be deemed as consolidation, after what has been a record rise this week. That is perfectly understandable of course as the DAX pauses to catch a breath this morning

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