The key release for the eurozone on Friday was the German IFO business climate figures. They hit an all-time high last month at 116.8 and were expected to climb 0.1 to 116.9 for November. However, they smashed forecast by hitting 117.5 in yet further signs that the eurozone economy recovery continues.
That Germany is the eurozone’s largest economy serves to highlight how impressive the news was and should alleviate concerns over the recent collapse in German coalition talks. Unsurprisingly, the euro strengthened against the dollar and sterling in response.
Today is a fairly busy week beginning with the German consumer confidence for December on Tuesday. Wednesday sees the release of the eurozone business confidence for November, while on Thursday we’ll see the unemployment figures for Germany and the eurozone.