Based on the last 12 Ifo Business Climate events in Germany, we expect a 0 pip movement on BP within 2 hours following the event release at 22 Feb 09:00 UTC. We expect BP to trend downwards 2 hours following the event release at 22 Feb 09:00 UTC if the released value is < 96.5 Historical events that allowed us to draw this conclusion

17 Dec 09:00

24 Nov 09:00

24 Sep 08:00

26 Apr 08:00

25 Jan 09:00