Ifo German business climate 106.9 in May

Demonstrably weaker than Reuter’s median forecast of 109.4.

The news just keeps getting worse.

New low for EUR/USD at 1.2516. The battle for the 1.2500 barrier is well and truly on!!!

DAX and CAC 40 now down -0.4%, the early gains now just a fond memory

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Elsewhere, eurozone May flash composite PMI 45.9, down from 46.7 in April, lowest read since June 2009. Whoa, whoa and thrice whoa

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