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.
The Ifo business climate index
is considered the most important barometer for the German economy.
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 German IFO business climate index
inched up to 107.7 in September from 107.6 in August but this still came in slightly below the market consensus number of 108.
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.