The German IFO business sentiment for June was unexpectedly good opposed to the ZEW survey released earlier this week.

The IFO Business Climate indicator improved to 114.5 from 114.2 and opposed to the expected drop to 113.4. The Current Assessment also improved strongly to 123.3 from 121.5 revised in May from 121.4 and the expected 120.8.

Nevertheless, the decline was seen in the Expectations Index that dropped to 106.3 from 107.4 in line with expectations.