The German Ifo business climate dropped to 97.9 in May, from 99.2 in April. All’s not well in the Eurozone, and these numbers from one of the most powerful nations in the EU confirms just this.

The figure missed expectations which were forecasting the business climate to come in at 99.1. EUR/USD has turned bearish on the release of this news and is trading lower at 1.113 at the time of writing.