The headline Ifo Business Climate Index dropped to 105.7 in Feb, compared to 107.3 booked in January and below expectations of a 106.8 reading. The index fell to the lowest level since December last year. Meanwhile, the Current Assessment sub-index, surprised markets on the upside, rising to 112.9, up from 112.5 in January, beating projections that had bet on a fall to 112.0. Further, the Ifo Expectations Index - indicating firms' projections for the next six months - booked 98.8, from 102.4 in January, after estimates had projected a reading of 101.6 and came in at the weakest level since November 2014. For more information, read our latest forex news.