On the other hand in Germany, where
Ifo business climate index hit seven-year low in August, detailed data confirmed the economy contracted in the Q2 and showed contraction was mostly due to deteriorating exports which had been hit by trade dispute and slowing global economy.
The
IFO Business Climate Index has dropped to 94.3 points in August -- more than 95.1 expected and well below 95.7 recorded in July.
"And the headline
Ifo Business Climate Index, published yesterday, fell to a seven-year low while the detail revealed that the services sector is beginning to falter.
And the
Ifo Business Climate Index, published on the same day that Draghi announced the ECB's new policy, added to the pile of bad economic news.
Sentiment among German businesses weakened at the beginning of the year, with the
Ifo Business Climate Index for industry and trade falling to just 107.3 points in January from 108.6 points in December.
Germany's
Ifo Business Climate Index recorded a reading of 111.3 in February, up from last month's reading of 110.6, data from the Munich-based CESifo group shown Monday.
"The
Ifo business climate index, based on a survey of 7,000 executives, rose from 107.4 in October to 109.3 this month, the highest level since April 2012.
On Tuesday, the widely watched
Ifo business climate index rose for a fifth consecutive month to its highest level since April 2012.
The euro meanwhile traded against the dollar near overnight levels as investors wanted to wait and see the outcome of upcoming eurozone economic data such as Germany's
Ifo business climate index for August due out in late afternoon trading Tuesday, other dealers said.