Business confidence in Germany showed an
unexpected drop in January, raising some concerns about growth in Europe’s
The Ifo’s business climate index slipped to 95.9
this month from a prior of 96.3 in December, compared to forecasts of 97.1.
The expectations gauge also dipped to 92.9 from
a previous of 93.9, while the current conditions reported an increase to 99.1
from a previous of 98.8.
As of 09:30 GMT, the euro traded lower for a third
straight session at $1.1016, the lowest since December 2, 2019.
Meanwhile, there is a sharp sell off in global equities and risky assets
due to fears regarding the spread of the Coronavirus in China and its potential
impact on the Chinese economy.