According to the Ifo Institute, Germany economy continues to improve in October. The Ifo Business Climate Index rose to 110.5 points in October compared to September 109.5 points.


The business climate index rose in manufacturing and construction sector but wholesale index down.

Manufacturing: The capacity utilisation rate rose by 0.9 percent to 85.7 percent versus last quarter.

Construction: In construction the business climate indicator continued its record-breaking run in October, rising for the seventh month in succession.

Wholesale& Retail: Both sub-components of the index declined, but nevertheless remain significantly above their long-term average. In retailing the business climate remained almost unchanged.


Ifo Business Climate Indicator for the Service Sector Edges Downwards
The business climate indicator edged downwards from 32.3 balance points in September to 32.1 balance points in October.

The euro is trading marginal higher against the greenback on London session.

Support finds between 1.0870 and 1.0850 below these 1.0810/1.0800 exists.

The pair EURUSD spotted with a double bottom.

Alternatively, resistance seems at 1.0920, 1.0960 and 1.1000 levels.