| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 09:00 | Switzerland | Credit Suisse ZEW Survey (Expectations) | November | 15.6 | | -10.8 |
| 09:00 | Germany | IFO - Current Assessment | November | 100.2 | 99 | 99 |
| 09:00 | Germany | IFO - Expectations | November | 95.4 | 95 | 94.2 |
| 09:00 | Germany | IFO - Business Climate | November | 97.7 | 96.6 | 96.5 |
| 11:00 | United Kingdom | CBI industrial order books balance | November | 9 | 13 | 26 |
EUR weakened most of its major counterparts in the European session on Wednesday, following the release of sluggish Ifo business confidence data for Germany, Europe's largest economy.
The Ifo Institute reported that its business climate index for Germany came in at 96.5 in November, down from 97.7 in October. The latest reading was the lowest since April. Economists had forecast the indicator to drop to 96.6. The survey also showed that both the current assessment (99.0, down from 100.2 in October, as expected) and the business expectations component (94.2, down from 95.4 in October, vs. 95.0 expected) deteriorated this month.
Rising COVID infection rates around Europe and concerns about impacts of the new restrictions the region’s countries imposed to contain the further spread of the infections also burdened the euro.