Germany's Ifo Business Climate Index fell sharply in February to 105.7, missing estimates of 106.8. The decline marks a third straight month of falling sentiment with a manufacturing slowdown pointing to a weaker pace of growth in Germany. This gap down was its largest since December 2012, when it fell from 102.3 to 98.8. Ahead of the Ifo data, Germany's GDP for the fourth quarter showed the economy expanding at a pace of 0.3%, unchanged from the previous month. On a yearly basis, GDP expanded at a pace of 2.1%, unchanged monthly but above the 1.60% read last year. Earlier on Monday, flash manufacturing PMI figures from Germany printed at a 15-month low, further evidence of stagnation as Europe’s largest economy suffers from the slowdown from China. The Euro continued to decline yesterday and fell to session lows of 1.099 before pulling back higher by end the day.