EUR: Disappointing German data weakens euro

The euro is weaker against the pound and the dollar this morning following worries about the spread of COVID-19 and disappointing economic data.

Data revealed yesterday that the Ifo Business Climate indicator for Germany fell for the fifth month to 96.5 in November. This shows that business morale in Germany has deteriorated due to supply bottle necks, price increases and coronavirus infections.

This morning, the consumer climate indicator for Germany painted a similar picture, coming in at the lowest since June and below market forecasts.

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