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German IFO misses forecasts- EUR/USD slips

The May German IFO business climate index has just been released. The markets were expecting around a 1% improvement across all the various readings on this data. The actual numbers have missed on expectations, with current conditions actually falling back to 88.3 from 88.9, where a rise to 89.9 was forecast. Expectations were at 90.4 which was a slight improvement, but overall this data has rather underwhelmed. That said, the reactions across the markets have been very dull. The DAX is a little higher, rising by around 15-20 points after the release. The EUR/USD was trading just above 1.0850 right ahead of the release. It has now slipped back below 1.0845. 

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