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Muted EUR/USD reaction so far to weaker than expected German IFO index

The December German IFO index has just been released. As mentioned earlier, the markets were anticipating a very modest gain in the business conditions, across all components of the report. The index itself was at 87.3 and was expected to rise to 87.7 this month. It has actually fallen to 86.4 and so below expectations and below the prior month. The other components have all missed on the downside too. The EUR/USD is a little lower on this news, but so far the reaction has been pretty muted and quite often with this data, that is the case. That does not detract from the fact that this data was not good on any count. The EUR/USD is currently trading at 1.0916

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