German IFO Expectations Index drop to 99.5 in April vs. 101.3 expected, EUR/USD stays below 1.21

German IFO Business Climate Index came in at 96.8 in April.
IFO Current Economic Assessment dropped to 94.1 this month.
April German IFO Expectations Index arrived at 99.5.
The headline German IFO Business Climate Index came in a tad higher at 96.8 in April versus last month’s 96.6, missing the consensus estimates of 97.8.

Meanwhile, the Current Economic Assessment arrived at 94.1 points in the reported month as compared to last month’s 93.1 and 94.4 anticipated.

The IFO Expectations Index – indicating firms’ projections for the next six months, fell to 99.5 in April from the previous month’s 100.3 reading and better than the market expectations of 101.3.

Market reaction
EUR/USD keeps its range below 1.2100 on downbeat German IFO data, struggling to extend the upbeat momentum ahead of the US data.

The spot was last seen trading at 1.2094, down 0.06% on a daily basis.

About German IFO
The headline IFO business climate index was rebased and recalibrated in April after the IFO research Institute changed series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.