The euro fell in price after the release of macro statistics in Germany

The euro/dollar exchange rate is declining on Monday afternoon after the release of data on the business climate in Germany. The current quote of the EUR/USD pair is 0.9638 (the daily minimum is 0.9569).

The IFO business climate index in Germany fell to 84.3 points in September, which was the lowest value since May 2020. In August, the indicator was fixed at 88.6 points. Analysts predicted that the index would drop to 87.1 points.

The sub-index of business expectations for the next six months fell to 75.2 (from 80.5 points in August), and the indicator assessing the current situation fell to 94.5 points (from 97.5 points).

Experts call the main factor in the decline of the index concerns about the further aggravation of the economic crisis in the country and in the world. Market participants in general are also losing their appetite for risk on expectations of a recession, as global central banks continue to raise interest rates to combat inflation. As a result, global stock markets are declining and commodities are getting cheaper, while the traditionally more reliable dollar, on the contrary, is getting more expensive.