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Ifo find German business sentiment declining

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Ifo find German business sentiment declining

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German business confidence fell in June to its lowest level since December 2005. The latest Ifo economic research institute survey found the 7,000 companies questioned are suffering more from the burden of costly oil.

That data – along with news of a contraction in the euro zone’s services and manufacturing sectors – caused the euro to fall in value against the dollar.

German companies have coped better than many of their European competitors with the strong euro and weaker growth in the US.