FXStreet (Mumbai) - Germany's IfO business climate index for November was recorded at 109, up from 108.2 recorded in October. In a survey conducted by Reuters, analysts had expected the index to register a reading of 108.2. The reading was the strongest since June 2014. Germany's closely-watched Ifo index has surprised the markets by reporting a positive business sentiment for November. The Munich-based Ifo economic institute's business climate index showed an improvement in German business morale in November. The data implied that company executives in the country were more upbeat despite chances of fall in export on slowing demand in China and other key emerging markets. Analysts however argue that the responses in the survey were recorded before the 13th November Paris attack. Business sentiment in the euro zone is expected to be hit hard by the attacks as it will adversely impact the tourism sector and cause a decline in consumer spending. For more information, read our latest forex news.