On Monday, the euro took a dip following the release of a survey that showed a slight decline in German business morale in September. This marked the fifth consecutive month of decline, further fueling concerns of a recession in the Eurozone’s largest economy.
The Ifo institute revealed that the business climate index had dropped to 85.7 from a revised August figure of 85.8, but remained above the 85.2 forecast by analysts in a poll. Meanwhile, the dollar index soared to 106.10, hitting its highest level since November 30. As a result, the euro fell to $1.05750, the lowest rate since March 16. The single currency is expected to experience a loss of approximately 1.9% for the month, marking its most significant monthly decline since May, amid mounting recession fears