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German Ifo business morale falls to lowest this year in May

German business sentiment fell more than expected to the lowest level so far this year in May, signalling that Europe's largest economy is expanding at a slower rate after the strongest quarterly growth in three years between January and March.

Bloomberg | Bloomberg | Getty Images

The Munich-based Ifo think tank's business climate index, based on a monthly survey of some 7,000 firms, decreased to 110.4 from an unrevised 111.2 in April.

Expectations in a Reuters poll of 42 economists had been for a fall to 110.9.

The euro fell to a three-month low against the dollar after the news.

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