German data, due for release first thing today, 25 November, is a must-watch.
09:00 (GMT) – German Ifo Business Climate Index (BCI) for November – Previous: 94.6; Forecast: 95
Data from Germany has continued to disappoint. The latest Purchasing Manager’s Index (PMI) number for the manufacturing sector released last Friday, 22 November came in at 43.8, showing Europe’s powerhouse remained deep in contraction. That said, there was a slight month-on-month improvement from 42.1 in the previous release.
The Ifo BCI is an indicator of current business conditions and expectations. It could provide some support for the Euro if expectations are met or exceeded. However, the single currency will come under considerable pressure if the forecast turns out to be overstated, feeding current fears of Germany slipping into recession.
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Confidence is all you need