Following the release of the German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that “the economy faces uncertain times.”

Additional quotes

Industry supply chain issues have become worse, 80.2% of companies facing them (vs 74.6% in February).

Price expectations have risen, two-thirds of companies want to increase prices.

Price expectations have risen in retail as well.

We don’t see a recession in Germany in the first quarter.

Logistics sector has major concerns about coming months.

Concerns include shortage of drivers, diesel prices are high.

EUR/USD reaction

EUR/USD is testing bids at 1.1000 on the dismal German IFO Survey. The spot is currently trading at 1.1002, up 0.06% on the day.