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German business confidence tumbled suddenly several weeks before Sunday's federal election, as a poll revealed on Monday, hinting that a consumption-led rise in Europe's number one economy could lose momentum in the nearer months.
As the Munich-based Ifo economic institute disclosed, in August, its business climate index, built around a monthly survey of some 7,000 companies, declined from 115.9 to 115.2 versus a Reuters consensus expectation for a reading of 116.0.
The Ifo poll was conducted just three weeks before the election. Chancellor Angela Merkel took a fourth term. However, she requires changing coalition partners, so the indicator doesn’t take the election outcome into consideration.
The sag in Ifo's headline figure took place due to the fact that managers took a more dismal evaluation of the current business situation, to say nothing of a more clouded business outlook for the next six months.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
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