19 October 2001, 12:28 Euro slumps below 0.90 usd after German Ifo numbers
LONDON (AFX) - The euro slumped below the 0.90 usd level after the
release of weaker-than-expected German Ifo business sentiment numbers,
dealers said.
Just before the release at 9.00 am, the euro was trading at 0.9015
usd. By 9.02 am, the euro had fallen down to 0.8985 usd.
The West German Ifo business climate index fell to 85.0 in
September from 89.5 in August, and was down from 98.2 in September last
year.
The AFX consensus of economists had forecast a fall to 88.4 in
September.
The September business assessment index was 79.6 down from a
revised 83.2 in August. Last month, Ifo said the August business
assessment index was 83.3.
The West German business expectations index was 90.6, down from
95.9 in August, and down from 103.0 in September 2000, Ifo said.
The euro has struggled all week, unable to capitalise on the
multitude of difficulties afflicting the dollar, from poor economic
news to the anthrax alert which forced the closure of Capitol Hill on
Wednesday.
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