The Ifo index, which measures confidence in Germany, fell to its lowest level since January 2021 at 90.8 in March, compared to 98.5 in the revised February reading, while it had been expected to decline to 94.2 to reflect the impact of the German economy on the effects of the Russian-Ukrainian war.

In details, the current situation index declined to 97 compared to 98.6 in February, while the expectations index declined to 85.1 from 99.2, with the rise in stagflationary expectations due to the rise in commodity and energy prices.

The euro is trading at 1.1007 levels against the US dollar in the middle of the closing session of the week today, Friday.