Investing.com - German business confidence deteriorated to the lowest level in 11 months in January, as concerns over the health of the global economy weighed, industry data showed on Monday.
In a report, the German research institute, Ifo said its Business Climate Index fell to a seasonally adjusted 107.3 this month from a reading of 108.6 in December, below forecasts for 108.4.
The Current Assessment Index decreased to 112.5 in January from 112.8 a month earlier and missing expectations for 112.8.
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, dipped to 102.4 this month from 104.6 in December, compared to estimates for a reading of 104.1.
The monthly index is based on a survey of around 7,000 German firms in the manufacturing, construction, wholesale and retail sectors.
EUR/USD was trading at 1.0825 from around 1.0829 ahead of the release of the data, while EUR/GBP was at 0.7590 from 0.7592 earlier.
Meanwhile, European stock markets were broadly lower. Germany's DAX shed 0.2%, the EURO STOXX 50 declined 0.6%, France’s CAC 40 slumped 0.35%, while London’s FTSE 100 dropped 0.3%.