German IFO President Fuest: German economy navigating troubled waters

Reacting to the deterioration in the German business morale this month, the German IFO President Clemens Fuest said that the German economy was navigating troubled waters.

Fuest added that the companies were less satisfied with their current business situation and were also looking ahead with increased skepticism.

“In manufacturing, the business climate indicator is in freefall,” Fuest said.

The German Business Climate Index posted the fourth straight monthly decline and marked the lowest level since April 2013, further fueling recession fears.

The EUR/USD pair remains depressed near 2-month lows of 1.1123, still holding above the key 1.1106 support ahead of the ECB monetary policy decision.