German business confidence rises for third month running
FRANKFURT, Germany (AP) — A closely watched indicator of German business optimism rose for the third straight month in January, giving a positive signal from Europe's biggest economy.
The business climate survey from the Munich-based Ifo institute rose to 106.7 points from 105.5 points in December, beating expectations among market analysts for 106.2.
Ifo President Hans-Werner Sinn said that "stronger impulses are expected from exports thanks to the falling euro exchange rate."
Germany's export-oriented economy should benefit from the steep drop in the euro from around $1.40 in May to $1.13 on Monday. The drop is expected to continue as the European Central Bank launches a bond-buying program that will pump freshly-printed euros into the eurozone economy in an attempt to raise inflation and re-start growth.