German business sentiment deteriorated in April as the mood among manufacturers "worsened markedly," the Ifo Institute said Wednesday, dampening expectations of an impending pickup in Europe's largest economy.
"The German economy continues to lose steam," said Ifo president Clemens Fuest, after the Ifo business-climate index unexpectedly slipped to 99.2 points from a revised 99.7 points in March.
The German economy had a weak start to the year after barely avoiding recession in the second half of 2018, a trend that forced the government last week to slash its growth forecast for 2019 to 0.5% from an earlier estimate of 1.0%.
EURUSD has lost during early trading the 1.12 mark and the pound is now well below 1.30 against the US buck. The dollar index appears to have started a new wave up and this shows in most if not all crosses.