FXstreet.com (Barcelona) - Business confidence has improved slightly in Germany but figures below expectations show that economy is picking up although at a weaker than expected pace, the Euro recovery attempt has been capped by Ifo figures.

Business climate Index has improved from 91.3 in September to 91.9 in October, slightly below the 92.0 reading forecasted by market experts. The current conditions sub-index has edged up to 87.3 in October from 87.1 in September, while the expectations index posted a stronger advance, 96.8 in October, from 95.7 in September.

EUR/USD, which was trading around 1.5025 before Ifo figures were released, after bouncing at 1.4990 on early European opening, has dipped to 1.5005 immediately after Ifo.