Mubasher: German business sentiment deteriorated in April, defying forecasts of a modest upturn, according to survey data released by the Ifo economic institute on Wednesday.

The German business climate index rose to 99.2 points in April, from the upwardly revised 99.7 in March, the Munich-based institute said.

This was contrary to analysts’ forecast for 99.9 points, according to a poll by Reuters.

Europe’s largest economy continued to lose growth momentum, as trade disputes curtailed its exports.

Morale once again declined among German manufacturers, who assessed the current conditions as less favourable, while business outlook was gloomier.

Despite a slight rise in sentiment, service providers assessed their current situation less favourably, but the level of optimism remained at a high level.

By 9:22 am GMT, the EUR/USD pair inched lower 0.08% to $1.1218.