The Ifo shows the pfennig has finally dropped, ING says, because the sharp drops in both the current and expectation components shows German businesses have finally lost their optimism. "The Ifo had defied all euro-zone crisis woes for more than half a year and growth returned strongly in the first quarter," ING economist Carsten Brzeski says. "In a recent study, Germans turned out to be a people of optimists with a huge majority expecting their lives to turn to the better in the coming year," he adds. "Today's Ifo index, however, is a clear signal that even the new German magnificence could come to an end," Brzeski says. EUR/USD is at 1.2572.
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